Wise plans a new U.S. trust bank application under GENIUS Act rules after regulators rejected its original banking charter request.
Wise plans to submit a revised application for a U.S. national trust bank charter. The move comes after the Office of the Comptroller of the Currency, or OCC, rejected the move. But the company stated that it is still dedicated to growing its payment infrastructure and services in the United States.
Wise Turns to GENIUS Act After OCC Rejection
The initial application was made in June 2025. Wise wanted to gain direct access to U.S. payment systems at the time via a Federal Reserve Master Account. But the regulatory landscape had undergone a dramatic transformation since filing.
Interesting but not unexpected to see $WISE has has had its initial national trust bank charter denied. The application was submitted in June 25. Historic regulatory issues have impacted the application. WISE will resubmit. IMHO probably another 18months ?https://t.co/D9GaKXPwub pic.twitter.com/FSVVzlMxbV
— Simon Young (@UKstockpicker) July 24, 2026
The OCC stated that the application no longer met the revised Federal Reserve policies. The central bank has, in particular, halted access to accounts of uninsured trust banks. So, under the existing rules, Wise’s initial idea was no longer feasible.
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In the meantime, on July 18, 2025, the GENIUS Act was passed. The bill created a federal system for payment stablecoins in the United States. Wise now feels a new application under the new law is a better way forward.
Wise said it will not launch its own stablecoin. Rather, the company claims it is aiming to provide interoperability between the conventional payment systems and blockchain-based networks. As a result, it continues to concentrate on enhancing the flow of money around the world.
The company said that stablecoins are gaining traction throughout the financial industry. As a result, companies are increasingly seeking infrastructure that enables them to integrate digital assets into existing payment systems. Wise thinks its technology will be well-suited to help with that transition.
Wise Maintains Focus on Cross-Border Payments
Meanwhile, Wise now has 18.9 million active users across the globe. In fiscal 2026, the company handled $243.5 billion in cross-border payment volume. In addition, it also produced $2.5 billion in net revenue over the same time frame.
The company still holds money transmitter licenses in 48 U.S. states and 4 territories. Thus, the OCC ruling does not impact its existing services. Customers will not be impacted by the company’s revised filing, and will be able to continue using Wise’s products without interruption.
The new app isn’t a big strategic pivot, William Blair said. Rather, Wise is still working on lowering the price of cross-border transactions, the investment firm said. Therefore, the company continues to remain neutral regarding stablecoin adoption.
In addition, Wise said it has enhanced its compliance and safety programs since the initial application. The OCC’s letter dated July 21 referred to regulatory problems that arose in the past in connection with the earlier filing. It has, however, improved its reporting systems and increased compliance resources, Wise said.
The updated application may be a key litmus test for the GENIUS Act structure. The new law has attracted several financial companies to consider banking opportunities in the stablecoin sector. As such, the regulators and market players will be keen to observe Wise’s next filing.
Wise continues to focus on its core business for the time being. The company is still developing tools that enable people and businesses to transfer money across borders more efficiently. In the meantime, its application could provide a glimpse into the future of how traditional finance and digital assets will work together in the coming years.
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