Payoneer eyes federal oversight with OCC filing amid plans for a bank and new stablecoin
Payoneer has applied to the OCC to become PAYO Digital Bank, N.A., enabling stablecoin issuance and federal oversight.Summary
Financial technology company Payoneer has filed an application with the Office of the Comptroller of the Currency (OCC) to establish PAYO Digital Bank, N.A., seeking a national trust bank charter. This charter would place the company under federal supervision, allowing it to receive and transmit stablecoins, issue its own dollar-backed PAYO-USD token, and offer digital asset custody services. CEO John Caplan stated that stablecoins will play a significant role in global trade. Payoneer joins other firms like Crypto.com and Stripe's Bridge in seeking this charter, which is bolstered by the recent passage of the GENIUS Act, providing federal stablecoin guidelines. If approved, Payoneer intends to use this framework to bring stablecoin innovation to small and medium-sized businesses globally.
(Source：The Block)