Payoneer has filed with the Office of the Comptroller of the Currency for a national trust bank charter to establish PAYO Digital Bank, N.A., enabling the issuance of a U.S. dollar‑pegged stablecoin named PAYO-USD, reserve management, and digital asset custody services. If approved, the charter would integrate Payoneer’s cross-border payments ecosystem with stablecoin on-ramp and off-ramp settlement for its nearly two million small- and medium-sized business customers. The move follows recent OCC actions granting conditional trust charters to Crypto.com and Bridge, signaling a broader push to welcome non-traditional firms into the federal banking system. Critics warn that these charters could function like commercial banks by taking deposit-like funds via stablecoins without the full capital, liquidity, and community reinvestment requirements that full-service banks must follow.
Payoneer’s filing comes after Bridge received a conditional OCC charter, allowing the Stripe subsidiary to issue stablecoins and manage reserves under direct federal oversight. Bridge co‑founder and CEO Zach Abrams said the platform was built to abstract away the hardest parts of blockchain infrastructure so companies like Payoneer can focus on building great financial experiences, while Payoneer intends to integrate its trust bank into its existing cross-border payments ecosystem to offer on‑ramp and off‑ramp settlement for its customer base. The broader regulatory backdrop includes the GENIUS Act, signed by President Trump in 2025, which requires one‑to‑one backing with highly liquid assets, prohibits issuer yields, and subjects issuers to the Bank Secrecy Act. Regulators have accelerated approvals for digital-asset firms, with Erebor Bank cited as an example of speedy authorization.
Regulatory guardrails aside, banks and consumer advocates have pushed back against the rapid proliferation of digital-asset charters. Traditional banks want crypto firms to pursue full‑service national charters rather than limited‑purpose trust licenses for bank‑like products. Community banks warn that stablecoins could drain core deposits and undermine lending to small businesses and mortgages, while activists highlight the Community Reinvestment Act exemptions that could divert deposits from low‑ and moderate-income areas without a corresponding lending obligation. Some observers warn that labeling crypto firms as national banks could mislead consumers into believing their funds are FDIC insured in the event of insolvency or cyberattack.
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