Payoneer eyes PAYO-USD under trust charter
Payoneer said it has filed an application with the U.S. Office of the Comptroller of the Currency to form a national trust bank, PAYO Digital Bank, that would let the cross-border payments firm issue a GENIUS Act-compliant stablecoin called PAYO-USD and add custody plus fiat on- and off-ramps inside its platform.
The company said the proposed bank would be built to support “stablecoin-enabled infrastructure for global businesses,” linking stablecoin settlement to local currency payout rails used by its customer base of nearly two million businesses. Payoneer CEO John Caplan said the firm expects stablecoins to play “a meaningful role in the future of global trade” and framed the filing as part of Payoneer’s strategy to integrate stablecoin capabilities into its payments ecosystem.
In its announcement, Payoneer described a set of functions it intends to offer if the OCC approves the charter. The company said customers would be able to send and receive approved stablecoins, while PAYO-USD would serve as a holding currency in Payoneer wallets. It also said PAYO Digital Bank would manage the reserves backing PAYO-USD, provide “business-grade” custodial wallet services for stablecoin balances, and convert stablecoin balances into local currencies in the markets where customers operate.
Rob Morgan is the proposed CEO of PAYO Digital Bank. In the same statement, Morgan said the trust bank structure would be used to offer small and medium-sized businesses an “integrated, business-grade stablecoin solution” aimed at accelerating payments and improving transparency and market access.
The filing arrives amid a broader increase in applications tied to digital-asset banking and trust structures. The OCC maintains a dedicated list of pending “digital assets licensing applications,” including filings from entities seeking new national bank charters or trust bank charters involving crypto-asset products or services. The list includes recent applications such as Coinbase National Trust Company and World Liberty Trust Company, among others, and links to the OCC’s Corporate Applications Search records and public application materials where available.
The move also follows its recent work to add stablecoin rails to its business-focused payments network. The company said it pursued the OCC charter a week after partnering with stablecoin infrastructure firm Bridge to expand stablecoin capabilities for cross-border transactions, positioning stablecoins as an additional settlement option alongside existing payout methods.
Payoneer has not said when it expects a decision, and the OCC has not announced any approval. The company’s filing is an application, and Payoneer cautioned in its public materials that its plans depend on regulatory approval and other factors.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
