Payoneer joins rush of fintechs bidding for US bank charters
Coinbase, World Liberty Financial and Laser Digital are also in line for a banking charter in the US, after Crypto.com received conditional approval for a charter on Monday.
Global financial services firm Payoneer is the latest in a growing number of companies that have filed for a national trust banking charter in the US, which could enable it to issue a stablecoin and provide various crypto services.
Payoneer said on Tuesday it filed with the Office of the Comptroller of the Currency to form PAYO Digital Bank, a week after it partnered with stablecoin infrastructure firm Bridge to add stablecoin capabilities to its platform that is mainly focused on cross-border transactions.
Payoneer said that it is seeking to issue a GENIUS Act-compliant stablecoin, PAYO-USD, to serve as the holding currency in Payoneer wallets, in addition to allowing customers to pay and receive stablecoins.