Fintech firm Payoneer applies to establish US national trust bank to enable stablecoin payments

Cross-border payments provider Payoneer has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank named PAYO Digital Bank, N.A. This move is intended to integrate stablecoin-enabled services into its global payments ecosystem for nearly two million small and medium-sized businesses (SMBs). If approved, the bank would operate under the GENIUS Act framework, allowing it to issue its own stablecoin, PAYO-USD, which would serve as the default holding currency in customer wallets. Services would include sending and receiving stablecoins, managing PAYO-USD, offering custodial wallets, and converting stablecoins into local currencies. Payoneer CEO John Caplan stated the goal is to offer a regulated way to leverage payment innovations, expecting the bank to accelerate payments, enhance USD adoption in global trade, and simplify cross-border operations.

(Source：Crypto Briefing)