Payments company Wise plans to change its approach to seeking a charter from the US Office of the Comptroller of the Currency (OCC), saying it will submit a new application “under a GENIUS Act framework,” the US law designed to regulate payment stablecoins.

The article was updated on July 25 at 4:39 pm UTC to include a response from Wise.

According to a Thursday notice from Wise, the company intends to file a new application for a national trust bank charter under the GENIUS Act framework. The move follows the OCC’s Tuesday denial of Wise’s previous application to establish a national trust bank.

Investment banking group William Blair said Wise is unlikely to change its position on payment stablecoins through the new OCC application, despite the earlier rejection.

“Wise is focused on lowering the cost of cross-border transactions, agnostic of the rail,” William Blair said, referring to Wise’s decision to apply under the GENIUS Act framework.

In its rejection, the OCC said Wise had not demonstrated that it maintained an effective Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance program. The regulator also cited “other illicit finance activity risks” in explaining its decision.

The denial puts the focus on whether a resubmitted application can address the OCC’s compliance-program concerns while aligning with the still-developing federal rulebook for payment stablecoins.

The GENIUS Act, signed into law in July 2025, establishes a framework for payment stablecoin providers in the United States, with final implementing regulations still subject to approval by federal agencies. Regulators missed a key deadline last week to issue guidance on implementing the law before its effective date in January 2027.

Since passage of the stablecoin bill, the OCC has approved multiple national trust charter applications from digital asset companies, including Circle, Ripple Labs, Crypto.com and Coinbase.