Wise expected to resubmit US charter application under GENIUS
Wise is expected to pivot to applying for a US Office of the Comptroller of the Currency charter under the new GENIUS Act framework for stablecoins. A research note from William Blair says this likely reflects a change in licensing strategy, not in Wise’s core approach to payment stablecoins. The company was recently denied a national trust bank charter because regulators said it failed to demonstrate an effective AML and CFT compliance program and faced other illicit finance risks. Wise remains focused on reducing the cost of cross-border payments regardless of the payment rail used. The GENIUS Act, signed into law in July 2025, creates a regulatory framework for payment stablecoin providers, though full implementation rules are still pending and regulators missed a key guidance deadline. Since the bill passed, the OCC has approved several crypto-related trust charter applications, including Circle, Ripple Labs, Crypto.com, and Coinbase.
