Wise Seeks Second Chance at OCC Trust Charter Amid Evolving Stablecoin Rules

Wise is attempting to reapply for a U.S. national trust bank charter after its earlier application was rejected by the Office of the Comptroller of the Currency (OCC) on July 22.

The company plans to file a fresh application under the framework of the 'GENIUS Act', which establishes a regulatory regime for payment stablecoin issuers and service providers. The GENIUS Act is expected to take effect in January 2027, but implementation guidance is still pending from federal agencies.

The OCC cited Wise's failure to demonstrate an effective anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance program as a reason for rejecting its initial application. The company must now present a stronger AML/CFT program with improved governance, staffing, and transaction monitoring.

Wise's decision to reapply suggests that it views a national trust charter as strategically valuable, providing a clearer regulatory footing in the U.S. payments market. However, the company is not shifting its stance on payment stablecoins, instead focusing on reducing cross-border costs regardless of the underlying rail or technology.