Wise Seeks GENIUS Path After OCC Denies National Trust Bank Charter

Wise, a fintech company, recently hit a roadblock in its bid for a national trust bank charter from the Office of the Comptroller of the Currency (OCC). On July 24, Wise disclosed that its application was denied. The company plans to refile under the GENIUS Act framework, which could provide a more stable path forward.

The OCC denial came as a surprise to markets, with Wise's shares plummeting about 10% on the day of the announcement. Investors had been pricing in charter uncertainty, and the denial was seen as a major setback for the company.

Wise is now eyeing a GENIUS charter, which would allow it to issue a dollar token with bank-grade supervision. A GENIUS charter could provide a clearer regulatory framework and stronger counterparty comfort, making it more attractive to large corporates and fintech partners.