- Wise will reapply for a U.S. trust bank charter after restructuring its proposal under the GENIUS Act regulatory framework.
- Federal banking approvals expanded as firms including Circle, Ripple, Coinbase, and BitGo pursued regulated stablecoin and digital asset services.
- Wise strengthened compliance measures while William Blair maintained its Outperform rating, citing long-term confidence in the company’s cross-border payments strategy.
Wise plans to submit a new application for a U.S. national trust bank charter under the GENIUS Act framework, reflecting a revised regulatory strategy that aligns its long-term payments business with the latest federal rules governing stablecoins and payment infrastructure.
The Office of the Comptroller of the Currency rejected Wise’s original application in a July 21 letter after determining that the proposal conflicted with updated Federal Reserve policies governing access to payment system Master Accounts for certain financial institutions.
Reuters reported that Wise will file a revised application under the GENIUS Act framework, which established a federal regulatory structure for payment stablecoins backed by cash and U.S. Treasury reserves while providing greater legal clarity for eligible issuers.
According to William Blair analysts Cristopher Kennedy and Marc Feldman, Wise’s earlier application relied on obtaining a Federal Reserve Master Account, but the central bank’s proposed payment account framework and temporary pause on certain Tier-3 access requests made that approach no longer practical.
Additionally, the analysts noted that approval would have provided Wise with direct access to U.S. domestic payment rails, prompting the company to pursue a revised regulatory path that better reflects the evolving federal banking landscape.
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Federal banking policy drives new charter applications
The U.S. banking landscape has shifted considerably under President Donald Trump’s administration, encouraging both fintech companies and established financial institutions to seek federal trust bank charters as interest in regulated stablecoin services expands.
Last December, the OCC granted conditional approvals to entities affiliated with BitGo, Circle, Fidelity, Paxos, and Ripple, allowing those firms to move forward with plans to offer payment stablecoin services under a federally supervised banking framework.
Moreover, BitGo later secured full approval to convert its state-chartered trust company into a federally regulated institution, while Crypto.com, Coinbase, Nomura-backed Laser Digital National Trust Bank, Connectia, and Upstart also received approvals or conditional authorizations for their banking initiatives.
Circle also secured a national trust charter earlier this month, joining BitGo and Anchorage Digital as federally chartered crypto-focused financial institutions operating under the OCC’s regulatory framework.
Meanwhile, Morgan Stanley and Charles Schwab have also begun the OCC application process, highlighting how traditional financial firms are increasingly exploring stablecoin infrastructure as part of their broader digital asset strategies.
Wise addresses compliance concerns
Reuters also reported that the OCC referenced historical compliance concerns in its decision, including a July 2025 multi-state consent order related to anti-money laundering risk management practices that previously affected the company’s regulatory standing.
However, Wise stated that it has strengthened its compliance controls since that action while also acknowledging that changing Federal Reserve policies surrounding Master Account access made its original application strategy no longer viable.
According to Reuters, Wise designed its payments infrastructure to operate across both blockchain networks and traditional financial systems, although the company maintains that its primary objective remains improving cross-border payment efficiency instead of promoting stablecoin adoption.
William Blair backs revised strategy
According to William Blair, the revised charter application does not represent a significant change in Wise’s overall business strategy because the company’s long-term priority remains reducing international payment costs regardless of whether transactions move through blockchain-based or traditional financial rails.
The investment firm also reaffirmed its Outperform rating on Wise, adding that its discounted cash flow valuation supports a stock price of at least $19 despite the regulatory setback surrounding the company’s original charter application.
Conclusion
Wise’s decision to submit a revised application demonstrates how changing U.S. banking regulations are reshaping the path toward federal trust bank charters for fintech and digital asset companies. The outcome of the new application could also indicate how effectively the GENIUS Act framework supports firms seeking regulated access to the U.S. financial system.
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