Global payments platform Payoneer has formally applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, positioning itself to issue a regulated, dollar-pegged stablecoin called PAYO-USD. The application, filed on February 24, 2026, seeks to establish PAYO Digital Bank, N.A., which would operate under direct federal supervision rather than state-by-state regulation.
The move is part of Payoneer's strategy to deepen its cryptocurrency services and integrate blockchain-based settlement into its cross-border payments network for nearly 2 million customers, primarily small and medium-sized businesses (SMBs) and freelancers. If approved, the charter would allow Payoneer to directly issue, custody, and manage reserves for the GENIUS Act-compliant PAYO-USD stablecoin, enable on-platform conversions between stablecoins and local fiat currencies, and offer custodial services for digital assets.
Payoneer CEO John Caplan stated, "We think stablecoins will be important for the future of global trade," framing the product as a bridge between traditional cross-border payments and regulated blockchain settlement. The company recently partnered with stablecoin infrastructure firm Bridge to add the technical capability for stablecoin issuance and transfers, integrating it into its wallet system.
This application places Payoneer among a growing wave of fintech and crypto firms seeking federal banking charters for stablecoin operations. The OCC recently granted conditional approval to Crypto.com and Bridge (Stripe's stablecoin subsidiary). Other applicants in the queue include Coinbase, World Liberty Financial (seeking to expand its USD1 stablecoin), and Laser Digital. In December 2025, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos also secured similar charters.
OCC Comptroller Jonathan Gould has expressed openness to new entrants, arguing they strengthen competition and consumer access within the banking system. The GENIUS Act, passed in 2025, provides the federal regulatory framework that enables such nationally compliant stablecoins. Payoneer did not disclose a timeline for the OCC's review, which typically spans several months. The decision will determine if Payoneer transitions from a payments intermediary to a federally supervised digital bank.
