Payoneer has filed an application with the Office of the Comptroller of the Currency to establish PAYO Digital Bank, signaling a deeper regulatory pivot among fintech firms toward federally chartered banking structures. The move would allow the company to issue a GENIUS Act-compliant stablecoin, manage reserves, and offer custodial and conversion services tied to digital assets.
The application follows Payoneer’s recent partnership with stablecoin infrastructure provider Bridge and reflects growing institutional interest in integrating stablecoins into cross-border payment systems. With a customer base largely composed of small and medium-sized businesses, the firm is positioning regulated digital dollar services as a tool to streamline international trade and settlement.
Growing Competition for Regulatory Status
Payoneer joins a widening group of crypto and fintech companies pursuing US bank charters, including Coinbase, World Liberty Financial, and Laser Digital. The trend gained further momentum after Crypto.com received conditional approval for a national trust charter, alongside earlier approvals granted to firms such as Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos.
Securing an OCC charter could provide regulatory clarity and reduce reliance on fragmented state-level licensing regimes. For fintech platforms, this structure offers a pathway to operate stablecoin services and custody operations under a unified federal framework, aligning with evolving US digital asset policy.
Stablecoins and Cross-Border Trade Infrastructure
From a macro perspective, stablecoins are increasingly viewed as infrastructure for global commerce, particularly in regions with currency volatility or inefficient banking rails. Payoneer indicated that a regulated stablecoin holding currency, PAYO-USD, could support faster settlement, lower transaction costs, and broader dollar accessibility across non-dollar payment corridors.
Institutional adoption is also shaped by regulatory developments, including the GENIUS Act’s framework for payment stablecoins and reserve management. As policymakers refine rules around issuance and custody, federally chartered fintech banks may gain a competitive advantage over unregulated platforms.
The broader shift underscores a convergence between fintech, crypto infrastructure, and traditional banking oversight. As more firms pursue charters, the competitive landscape is likely to center on compliance capabilities, stablecoin integration, and the ability to deliver regulated digital payment solutions at scale.
