Wise, the London-based cross-border payments company, plans to reapply for a U.S. national trust bank charter after revising its proposal to fit the GENIUS Act regulatory framework, shifting its approach as federal rules for stablecoins, payment infrastructure, and access to U.S. payment systems continue to evolve.

A national trust bank charter under OCC supervision would allow Wise to offer custody and fiduciary services as a federally regulated institution, potentially reducing its dependence on intermediary banks for U.S. dollar settlement — a structural cost factor for any cross-border payments provider operating in the American market.

The Office of the Comptroller of the Currency rejected Wise's original application in a July 21 letter after finding that the proposal conflicted with updated Federal Reserve policies governing access to payment system Master Accounts for certain financial institutions.

Reuters reported that Wise intends to submit a revised application under the GENIUS Act framework. The legislation established a federal regulatory structure for payment stablecoins backed by cash and U.S. Treasury reserves and provided clearer legal rules for eligible issuers, marking the first comprehensive U.S. statute governing stablecoin issuance.

According to William Blair analysts Cristopher Kennedy and Marc Feldman, Wise's previous application depended on obtaining a Federal Reserve Master Account. The analysts said the central bank's proposed payment account framework, along with a temporary pause on certain Tier-3 access requests, made that strategy no longer practical.

The analysts also noted that approval would have given Wise direct access to U.S. domestic payment rails. That regulatory shift has led the company to pursue a revised path that more closely reflects the current federal banking environment.

Federal banking policy drives charter activity

The U.S. banking landscape has changed significantly under President Donald Trump's administration, with fintech companies and established financial institutions seeking federal trust bank charters as interest in regulated stablecoin services grows.

Last December, the OCC granted conditional approvals to entities affiliated with BitGo, Circle, Fidelity, Paxos, and Ripple. Those approvals allowed the firms to move forward with plans to offer payment stablecoin services under a federally supervised banking framework.

BitGo later received full approval to convert its state-chartered trust company into a federally regulated institution. Crypto.com, Coinbase, Nomura-backed Laser Digital National Trust Bank, Connectia, and Upstart also received approvals or conditional authorizations for their banking initiatives.

Circle secured a national trust charter earlier this month, joining BitGo and Anchorage Digital among crypto-focused financial institutions operating with federal charters under the OCC's regulatory framework.

Traditional financial firms have also begun exploring the process. Morgan Stanley and Charles Schwab have started OCC applications, reflecting the broader interest among major financial institutions in stablecoin infrastructure as part of digital asset strategies.

Wise cites stronger compliance controls

Reuters also reported that the OCC referred to previous compliance concerns in its decision, including a July 2025 multi-state consent order related to anti-money laundering risk management practices that had affected Wise's regulatory standing.

Wise said it has strengthened its compliance controls since that action. The company also acknowledged that changes in Federal Reserve policies around Master Account access made its original application strategy unworkable.

According to Reuters, Wise built its payments infrastructure to operate across both blockchain networks and traditional financial systems. The company has said its main goal remains improving the efficiency of cross-border payments rather than promoting stablecoin adoption.

William Blair maintains Outperform rating

William Blair said the revised charter application does not amount to a major change in Wise's overall business strategy. The firm said Wise's long-term priority continues to be lowering the cost of international payments, whether transactions are processed through blockchain-based systems or traditional financial rails.

William Blair also reaffirmed its Outperform rating on Wise. The firm said its discounted cash flow valuation supports a stock price of at least $19, despite the regulatory setback involving the company's original charter application.

Wise's revised filing highlights how changing U.S. banking rules are reshaping the process for fintech and digital asset companies seeking federal trust bank charters. The company's next application will proceed under the GENIUS Act framework, which is now central to federal oversight of payment stablecoins and related financial infrastructure.