Wise, a leading global cross-border payments provider, will submit a revised application for a U.S. national trust bank charter. This new move follows the Office of the Comptroller of the Currency’s (OCC) recent rejection of Wise’s initial request, but the company remains committed to growing its payment infrastructure and services in the U.S.
Regulatory roadblocks and the GENIUS Act
Wise originally filed for a national trust bank charter in June 2025, aiming for direct access to U.S. payment systems and a Federal Reserve Master Account. However, since the initial application, regulatory conditions have changed significantly. The OCC found that Wise’s plan no longer aligned with new Federal Reserve guidelines, which now restrict access to accounts for uninsured trust banks. As a result, Wise’s earlier strategy became unviable under current regulations.
Mini dictionary: OCC (Office of the Comptroller of the Currency), an independent bureau of the U.S. Department of the Treasury that regulates and supervises national banks and federal savings associations.
The regulatory landscape shifted further with the passage of the GENIUS Act on July 18, 2025. This law established a federal framework for payment stablecoins in the U.S. Wise now considers a fresh application under the GENIUS Act to be the most effective path forward, focusing on compliance with the newest requirements.
Wise stated it will not issue its own stablecoin and instead aims to improve interoperability between conventional payment systems and blockchains, in order to streamline global money flows and connect digital assets with traditional financial infrastructure.
The company emphasized the growing importance of stablecoins throughout the financial industry, noting that increasing numbers of companies are looking for infrastructure that enables integration of digital assets into established payment systems. Wise believes its technology and expertise are well placed to facilitate this transition.
Ongoing growth and service continuity
Currently, Wise serves 18.9 million active users globally. Over its fiscal year 2026, Wise processed $243.5 billion in cross-border payment volume and reported $2.5 billion in net revenue. The company continues to hold money transmitter licenses in 48 U.S. states and four territories, ensuring its ability to operate regardless of the OCC’s recent decision.
| Metric | Fiscal 2026 |
|---|---|
| Active users | 18.9 million |
| Cross-border payment volume | $243.5 billion |
| Net revenue | $2.5 billion |
| Money transmitter licenses | 48 states, 4 territories |
According to investment firm William Blair, Wise’s recent actions do not represent a significant strategic shift. The company’s core objective remains lowering the cost of international transactions, while maintaining a neutral position toward stablecoin adoption.
Wise also outlined steps to enhance compliance and strengthen safety programs after past regulatory concerns referenced by the OCC in its July 21 letter. The company reported improvements in reporting systems and an expansion of compliance resources since its previous application.
Broader implications for the stablecoin sector
The GENIUS Act has attracted attention from other financial firms to the stablecoin sector as well. Wise’s updated application is seen as a potential test case for the new regulatory system, with both market participants and regulators closely monitoring the developments.
In the meantime, Wise continues to advance its main business focus—helping individuals and organizations move money internationally with greater efficiency. The company’s next steps may provide important insights into bridging the gap between traditional finance and digital assets under the evolving U.S. regulatory environment.
