Global money transfer company Wise is preparing to refile its application for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), this time structuring the request to comply with the newly established GENIUS Act framework governing stablecoin issuers and related entities.
The move signals how quickly companies operating at the intersection of payments and digital assets are adjusting their regulatory strategies following the passage of the GENIUS Act, which set out federal guardrails for stablecoin issuance and oversight. Rather than pursuing a charter under the OCC's prior standards, Wise intends to align its application with the specific requirements the new law imposes on trust institutions engaged in stablecoin-related activity.
OCC's Growing Stablecoin Docket
The OCC has been steadily processing a wave of applications from stablecoin-focused firms seeking national trust charters since December, granting conditional approvals to several such entities. This pattern reflects a broader shift among crypto and fintech companies to seek federally regulated status rather than operate solely under state money-transmitter licenses or informal arrangements.
A national trust bank charter would give Wise a federally sanctioned framework to expand its activities, potentially including custody, payments, or stablecoin-adjacent services, under a single regulatory umbrella rather than a patchwork of state-level approvals.
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Why the Resubmission Matters
By tailoring its filing specifically to GENIUS Act provisions, Wise appears to be positioning itself to meet compliance expectations that regulators are likely to scrutinize closely as the framework matures. The GENIUS Act has already reshaped how banks, fintechs, and crypto firms approach stablecoin issuance, custody, and reserve requirements, and companies seeking trust charters are increasingly expected to demonstrate alignment with its provisions from the outset.
The broader regulatory environment for digital assets remains in flux, with lawmakers still debating complementary market structure legislation. Momentum on a separate crypto market structure bill has recently slowed amid disputes and a packed Senate calendar, as detailed in this related coverage, underscoring how stablecoin-specific rules like the GENIUS Act are moving ahead of broader crypto legislation.
What Comes Next
Wise's decision to resubmit rather than abandon its charter ambitions suggests continued institutional interest in securing federal recognition for stablecoin-adjacent banking activities. As more applicants follow this path, the OCC's handling of these filings will likely serve as an early indicator of how strictly the agency intends to enforce GENIUS Act compliance standards for trust institutions.
The outcome of Wise's renewed application could also influence how other fintech and payments firms structure their own charter requests going forward, particularly those with existing cross-border payment infrastructure looking to integrate stablecoin functionality into regulated banking operations.
