Wise to refile for U.S. trust bank charter using GENIUS Act stablecoin framework

OCC rejection cited controls and management concerns

The Office of the Comptroller of the Currency denied Wise’s original proposal, pointing to shortcomings in anti-money laundering controls, gaps in management, and limited national banking experience within the company’s U.S. operations. The decision did not permanently block Wise from pursuing a charter, but it made clear that a renewed application would need to address the regulator’s findings.

Wise said it has strengthened its financial-crime controls since the first filing and plans to respond directly to the issues raised by the OCC in its next submission.

Why Wise is changing its approach

The new application is expected to rely on the GENIUS Act rather than the structure Wise initially pursued. Under the original plan, the company’s proposal depended on access to Federal Reserve payment systems. According to the source report, that route is no longer practical, prompting Wise to pivot toward the federal regime for payment stablecoins.

The GENIUS Act was enacted in July 2025 and created a federal licensing and supervisory framework for payment stablecoin issuers. The law’s rules are scheduled to take effect in 2027, giving companies a clearer regulatory path if they want to operate under that model.

What the new filing could mean

A revised application under the GENIUS Act could give Wise another avenue into the federal chartering process, but it does not lessen the standards it must meet. The company would still need to satisfy the OCC before it could obtain a national trust bank charter.

The move also places Wise in a growing field of applicants and approved firms seeking federal authorization in digital-asset-related financial services. The source article notes that several digital asset companies have already either received approvals or entered the process, making the licensing environment more competitive.

Analysts expect rail-agnostic strategy to continue

Despite the switch in regulatory strategy, analysts cited in the report expect Wise to remain rail-agnostic. That would mean continuing to focus on reducing the cost of cross-border payments regardless of whether transactions move through traditional payment infrastructure or digital asset networks.

For now, the immediate issue is whether Wise can convince the OCC that the weaknesses identified in its first application have been corrected. Its planned refile under the GENIUS Act suggests the company sees the stablecoin framework as a more workable path than relying on Federal Reserve payment access.

The development reflects how companies pursuing U.S. financial charters are adapting to a changing federal framework for digital payments. Wise’s next application will test whether stronger compliance measures and a new legal basis are enough to revive a bid that regulators previously turned down.