Wise plans to submit a revised application for a U.S. national trust bank charter under the GENIUS Act framework, after the Office of the Comptroller of the Currency (OCC) rejected its original filing. The company stated it remains committed to expanding its payment infrastructure and services in the United States.

OCC Rejection and Shift to GENIUS Act Framework

Wise initially filed its trust bank charter application in June 2025, seeking direct access to U.S. payment systems through a Federal Reserve Master Account. Such direct access would allow Wise to settle payments without relying on intermediary banks, potentially reducing costs and settlement times for cross-border transfers. However, the regulatory landscape shifted significantly between the filing and the OCC's review.

The OCC determined that Wise's application no longer aligned with revised Federal Reserve policies. The central bank has halted access to accounts for uninsured trust banks, rendering Wise's original approach unfeasible under existing rules. This policy shift has affected multiple fintech companies that pursued trust bank charters as a route to direct payment system access.

Interesting but not unexpected to see $WISE has had its initial national trust bank charter denied. The application was submitted in June 25. Historic regulatory issues have impacted the application. WISE will resubmit. IMHO probably another 18months ? pic.twitter.com/FSVVzlMxbV

— Simon Young (@UKstockpicker) July 24, 2026

On July 18, 2025, the GENIUS Act was enacted, establishing a federal framework for payment stablecoins in the United States. The legislation provides federal-level regulatory clarity for digital payment instruments, creating a defined pathway for companies operating at the intersection of traditional finance and blockchain networks. Wise now views a new application under this legislation as a more viable path forward.

The company clarified that it will not launch its own stablecoin. Instead, Wise aims to provide interoperability between conventional payment systems and blockchain-based networks, continuing its focus on improving global money movement. This positions Wise as an infrastructure provider rather than a stablecoin issuer, a distinction that may shape how regulators evaluate its application.

Wise noted that stablecoins are gaining traction across the financial industry, and companies increasingly seek infrastructure to integrate digital assets into existing payment systems. The company believes its technology is well-positioned to facilitate that transition.

Cross-Border Payments Business Unaffected

Wise currently serves 18.9 million active users worldwide. In fiscal year 2026, the company processed $243.5 billion in cross-border payment volume and generated $2.5 billion in net revenue.

The company holds money transmitter licenses in 48 U.S. states and 4 territories, meaning the OCC ruling does not affect its existing services. Customers will continue to use Wise's products without interruption, the company confirmed.

Investment firm William Blair characterized the revised filing as not representing a major strategic pivot. Wise remains focused on lowering the cost of cross-border transactions and maintains a neutral stance on stablecoin adoption.

Compliance Improvements and Regulatory Outlook

Wise stated it has strengthened its compliance and safety programs since the initial application. The OCC's letter, dated July 21, cited past regulatory issues related to the earlier filing. Wise reported it has improved its reporting systems and increased compliance resources in response.

The updated application is expected to serve as a significant test case for the GENIUS Act framework. The new law has attracted interest from several financial companies exploring banking opportunities in the stablecoin sector. Regulators and market participants will be closely watching Wise's next submission, particularly how the OCC interprets the GENIUS Act's provisions for companies providing stablecoin interoperability rather than issuance.

Wise continues to develop tools enabling individuals and businesses to transfer money across borders more efficiently. The company's revised application could also offer insight into how traditional finance and digital assets may converge in the years ahead.