Payments company Wise intends to submit a new application for a national trust bank charter with the US Office of the Comptroller of the Currency under the framework created by the GENIUS Act. The move follows the regulator’s denial of the firm’s earlier bid this week.

The OCC rejected the application on July 21, citing deficiencies in the proposed bank’s anti-money laundering and countering the financing of terrorism compliance program, along with other illicit-finance risks. The decision letter also pointed to limited national banking experience among proposed directors and managers, as well as heavy reliance on Wise’s US operations and other group entities for compliance functions. The regulator noted a prior record of issues meeting money services business rules.

Original Plan Becomes Unworkable

Wise had filed its initial application in June 2025 for a national trust bank to be based in Austin, Texas. The proposal sought multi-currency stored-value accounts, payment processing and fiduciary services, with the goal of gaining more direct access to US dollar payment systems and reducing dependence on partner banks.

That structure depended on Federal Reserve account access for an uninsured trust bank. Wise stated that the Federal Reserve has generally paused such access while developing a new payment-account policy, rendering the original approach non-viable.

The company disclosed the rejection on July 24 and confirmed that its existing US operations remain unaffected. Wise continues to hold money transmitter licenses in 48 states and four territories.

Shift to GENIUS Act Framework

The GENIUS Act, signed into law in July 2025, establishes a federal regulatory system for payment stablecoin providers. It sets standards for reserves, redemption, reporting, consumer protection and compliance. The law is scheduled to take effect in January 2027 or 120 days after final rules are published, whichever comes first. Key implementing regulations remain unfinished after federal agencies missed a recent guidance deadline.

Wise plans to frame its new charter application around this legislation. The company has stated it will not issue its own stablecoin. Instead, it seeks to improve interoperability between conventional payment systems and blockchains to connect digital assets with traditional infrastructure and reduce the cost of cross-border transfers.

Analysts at investment firm William Blair indicated that the revised strategy does not signal a fundamental change in Wise’s business model or its stance on payment stablecoins.

Business Continuity and Scale

Wise serves 18.9 million active customers worldwide. In fiscal year 2026 the company processed $243.5 billion in cross-border payment volume and generated $2.5 billion in net revenue. London-listed shares fell by as much as 10 percent after the OCC denial became public.

The firm reported that it has already strengthened financial-crime controls, improved reporting systems and expanded compliance resources since the original filing. It intends to address the OCC’s specific findings in the forthcoming application.

Wider Charter Activity

The OCC has approved or conditionally approved national trust charters for several digital asset firms over the past year, including Circle, Ripple Labs, Crypto.com, Coinbase, BitGo and Fidelity Digital Assets. Wise’s denial stands out because it was based on concrete compliance and management concerns rather than a broader policy objection.

Any new application under the GENIUS Act will still need to demonstrate that the proposed entity can satisfy US legal and regulatory requirements, including the stricter anti-money laundering standards expected for permitted stablecoin-related activities. Final rules under the law have yet to be issued, leaving certain operational details unresolved.