Wise plans to resubmit its application for a national trust bank charter in the United States, shifting its strategy to align with the GENIUS Act stablecoin framework after the Office of the Comptroller of the Currency rejected the original proposal. The OCC denial, communicated in a July 21 letter, cited incompatibility with updated Federal Reserve policies on payment system Master Account access, making Wise’s initial structure non‑viable.
According to a note from William Blair analysts Cristopher Kennedy and Marc Feldman, the original application relied on obtaining a Fed Master Account, but the central bank’s recent proposal for limited “payment accounts” and a temporary pause on Tier‑3 access for uninsured, non‑federally supervised entities effectively blocked that path. “While approval would have represented a step towards a connection to U.S. domestic rails, we understand the Fed has essentially halted the granting of master accounts,” the analysts wrote.
The regulatory landscape has shifted significantly under President Trump’s second term. The OCC has granted conditional approvals to entities tied to BitGo, Circle, Fidelity, Paxos, Ripple, and others, allowing them to offer stablecoin services. Full approval was later given to BitGo, while Crypto.com, Coinbase, Nomura‑backed Laser Digital National Trust Bank, Sony Bank subsidiary Connectia, and Upstart also received conditional or full charters. Circle recently joined BitGo and Anchorage Digital as the only federally chartered crypto‑focused trusts. The GENIUS Act, passed in summer 2025, sets rules for payment stablecoins backed by reserves such as cash or Treasuries.
Reuters reported that the OCC’s decision also referenced historical compliance concerns, including a July 2025 multi‑state consent order over anti‑money laundering risk management. Wise said it has since strengthened its controls. The firm’s infrastructure is built to interoperate with blockchain and traditional rails, though it remains agnostic toward stablecoins, focusing instead on lowering cross‑border transaction costs.
William Blair reiterated its Outperform rating on Wise, maintaining that its discounted cash flow valuation implies a stock price of at least $19. The analysts said the revised application does not signal a major shift in Wise’s long‑term strategy of improving payment efficiency regardless of the rail used.
