Payoneer seeks OCC approval for national trust bank charter to issue compliant stablecoin (PAYO-USD) for cross-border transactions and wallet usage. If app
Payoneer, a global financial services firm, has applied for a national trust banking charter from the Office of the Comptroller of the Currency (OCC), aiming to issue a stablecoin and provide various cryptocurrency services. This move comes a week after the company partnered with Bridge, a stablecoin infrastructure firm, to add stablecoin capabilities to its cross-border transaction platform.
If approved, Payoneer plans to issue a GENIUS Act-compliant stablecoin, PAYO-USD, for use in Payoneer wallets and for customer transactions. The OCC approval would also enable Payoneer to manage PAYO-USD reserves, offer custodial services, and facilitate conversion between the stablecoins and local currency.
John Caplan, Payoneer's CEO, expressed optimism about the role of stablecoins in global trade, stating, "We believe stablecoins will play a meaningful role in the future of global trade."
The OCC has been granting banking charters to crypto companies, with Crypto.com receiving conditional approval on Monday, joining Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos who won such charters in December. Other applicants include the Trump family’s World Liberty Financial, Laser Platform, and Coinbase, who are still awaiting decisions on their applications.
Payoneer asserts that OCC approval would provide a regulated stablecoin solution to simplify cross-border trade for its nearly two million customers, primarily small and medium-sized businesses. The company believes this offering will help advance the use of the USD in global trade, reduce barriers for American companies competing internationally, and expand the dollar's presence across non-dollar payment corridors.
The OCC has previously stated that new entrants to the federal banking sector can benefit consumers, the industry, and the economy by providing access to new products, services, and sources of credit, ensuring a dynamic, competitive, and diverse banking system.
Source: Read Original Article
Post a Comment