Payoneer Applies for US National Bank Charter to Expand Stablecoin Services

Global payments company Payoneer has applied for a national trust banking charter in the United States, joining a wave of fintech and crypto firms seeking formal banking status. The company confirmed it filed an application with the Office of the Comptroller of the Currency to establish PAYO Digital Bank.

If approved, the charter would allow Payoneer to issue a GENIUS Act compliant stablecoin, PAYO-USD, designed to function as a holding currency within customer wallets. The license would also permit the firm to manage reserves, provide custodial services and enable stablecoin-to-fiat conversions.

Growing Competition for US Crypto Banking Charters

Payoneer’s move follows conditional approval granted to Crypto.com earlier this week. Other firms awaiting decisions include Coinbase and World Liberty Financial. Several crypto-focused companies secured charters in December, signaling increasing regulatory engagement with digital asset firms.

Stablecoins Target Cross Border Business Payments

Payoneer, which serves nearly two million customers globally, said regulated stablecoin infrastructure could streamline cross-border transactions for small and medium-sized businesses, reducing friction in global trade and digital payments.

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