Wise, the London-based payments firm formerly known as TransferWise, is preparing to resubmit its application for a national trust bank charter with the Office of the Comptroller of the Currency under the newly established GENIUS Act framework. The move signals the company's continued push to deepen its U.S. regulatory footprint as stablecoin legislation takes shape in Washington.
The GENIUS Act , short for Guiding and Establishing National Innovation for U.S. Stablecoins , was signed into law earlier this year, creating a dedicated regulatory pathway for payment stablecoin issuers. The legislation authorizes the OCC to charter national trust banks specifically designed for stablecoin activities, offering a federal alternative to the patchwork of state money transmitter licenses that currently govern most non-bank payment firms.
Wise initially filed for a national trust charter in 2023 but withdrew the application last year amid uncertainty over the regulatory treatment of stablecoin-related activities. According to people familiar with the matter, the company has been monitoring the legislative process closely and views the GENIUS Act as providing the clarity needed to move forward. The firm's cross-border payments model, which relies on holding customer funds across multiple currencies, aligns with the reserve management requirements outlined in the new framework.
The OCC has signaled openness to stablecoin-focused charters since December, granting conditional approval to several applicants including Paxos Trust Company and Circle Internet Financial. Those approvals came with specific requirements around reserve composition, redemption policies, and operational risk management , standards that Wise would need to meet in its renewed application.
Industry observers note that Wise's business model differs from pure-play stablecoin issuers. Rather than issuing its own token, the company facilitates fiat-to-fiat transfers through a network of local bank accounts and liquidity providers. However, the firm has explored stablecoin integration for certain corridors and holds significant balances of customer funds that could fall under the GENIUS Act's definition of payment stablecoin reserves.