Wise to Reapply for US Trust Charter Under GENIUS Act After OCC Denial

The US Office of the Comptroller of the Currency (OCC) has denied Wise's application for a national trust bank charter, citing compliance gaps, but the payments firm plans to resubmit under the newly enacted GENIUS Act stablecoin framework. Source: cointelegraph, thenextweb

Denial and Impact

Wise shares fell about 10% following the rejection, which blocks direct settlement with the Federal Reserve's payment systems. Source: thenextweb The company had applied in June 2025 to establish Wise National Trust in Austin, Texas, aiming to clear US dollars directly via FedNow and other real-time rails. Source: thenextweb

Compliance Concerns

The OCC flagged AML/CFT compliance gaps and a July 2025 consent order over compliance violations as reasons for denial. Source: cointelegraph, cna Wise acknowledged "historical issues" with its original application and noted that the Fed has been "generally pausing account access for an uninsured trust bank." Source: cna

Path Forward

Wise intends to file a new application under the GENIUS Act framework, which regulates stablecoins. Source: cointelegraph The company said its infrastructure is well positioned to interoperate with digital assets alongside existing payment rails. Source: cna Despite the setback, Wise's US operations continue under state money transmitter licences, and the US remains a key growth market. Source: thenextweb