Key facts
- Wise is expected to resubmit its US charter application under the GENIUS Act framework.
- The OCC denied Wise's previous application, citing AML/CFT risks.
- The GENIUS Act regulates stablecoins in the US.
- Wise aims to continue its focus on lowering cross-border transaction costs.
- The OCC has approved similar charters for other digital asset companies.
Payments company Wise is reportedly planning to resubmit its application for a US charter license with the Office of the Comptroller of the Currency (OCC) under the framework of the GENIUS Act, legislation designed to regulate stablecoins. This move follows the OCC's denial of Wise's previous application for a national trust bank charter, citing insufficient Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) compliance programs, as well as other illicit finance activity risks.
According to a research note from investment banking group William Blair, Wise is expected to maintain its stance on payment stablecoins with the new application. The firm highlighted that Wise's core focus remains on reducing the cost of cross-border transactions, regardless of the underlying payment infrastructure. The GENIUS Act, enacted in July 2025, establishes a regulatory framework for payment stablecoin providers in the United States, with final regulations anticipated by January 2027. However, regulators recently missed a deadline to provide crucial implementation guidance.
Despite the denial for Wise, the OCC has recently approved national trust charters for several other digital asset companies, including Circle, Ripple Labs, Crypto.com, and Coinbase, indicating a potentially bifurcated approach to charter approvals.