Payoneer Adds to Crypto, Fintech Firms Seeking Bank Charter

Global financial services firm Payoneer has applied to the Office of the Comptroller of the Currency (OCC) to form PAYO Digital Bank, seeking a national trust banking charter. This move follows its partnership with Bridge to integrate stablecoin capabilities, aiming to issue a GENIUS Act-compliant stablecoin, PAYO-USD, for holding currency in wallets and facilitating customer payments and conversions to local currency. Payoneer CEO John Caplan stated that stablecoins will be important for global trade. OCC approval would allow Payoneer to manage reserves and offer custodial services for its nearly two million customers, primarily small and medium-sized businesses, simplifying cross-border trade and expanding the use of the USD globally. Payoneer joins other crypto and fintech firms like Crypto.com, Circle, and Coinbase that are also pursuing US banking charters.

(Source：Cointelegraph)