Wise plans to resubmit OCC trust charter bid under GENIUS Act
DeFi & Yields ·
Payments firm Wise intends to file a new national trust bank application with the Office of the Comptroller of the Currency, aligning its approach with the federal framework established under the GENIUS Act.
Wise plans to resubmit its national trust bank application under the GENIUS Act framework, according to The Block, following a string of recent conditional approvals the OCC has granted to stablecoin-related entities. The move comes as the OCC's federal trust charter has become the preferred instrument for firms seeking a single, nationwide regulatory home rather than navigating separate state licensing regimes. A national trust charter does not grant deposit-taking authority, but it does place a holder under continuous OCC examination and capital requirements, which institutional clients increasingly treat as a baseline for engaging with a custodian or payments provider.
The renewed application follows a broader pattern of activity at the OCC. Trump-backed World Liberty Financial has been nearing an OCC trust charter to issue its USD1 stablecoin directly, while Peter Thiel-backed Augustus secured conditional OCC approval for an AI-powered stablecoin bank aimed at cross-border settlement infrastructure. Citadel-, Schwab-, and Fidelity-backed EDX Markets has also filed for an OCC national trust bank charter. Circle separately won final OCC approval to launch Circle National Trust, adding federally regulated custody infrastructure for USDC.
Wise's strategy, as described in the reporting, keeps its payments infrastructure blockchain-agnostic even as it pursues the charter, meaning the company is not committing to a single settlement network ahead of regulatory clarity. That posture mirrors the caution seen elsewhere in the sector: the American Bankers Association has requested a 60-day extension to review pending U.S. stablecoin legislation, citing a need for more time after the OCC finalizes its regulatory framework.
Not every recent OCC action has gone unchallenged. Senator Elizabeth Warren has demanded the OCC explain its rationale for granting trust charters to nine crypto firms, including Coinbase and Ripple, raising questions about the consistency and oversight of the approval process.
What remains unresolved is the timeline and outcome of Wise's resubmitted application, along with how the OCC will respond to congressional scrutiny while continuing to process a growing queue of stablecoin-related charter requests.