Odaily Planet Daily reports that, according to a William Blair research report, cross-border payment company Wise plans to resubmit its application for a national trust bank charter under the U.S. GENIUS Act’s stablecoin regulatory framework. Previously, the U.S. Office of the Comptroller of the Currency (OCC) had denied its original application.
In a letter dated July 21, the OCC stated that Wise’s application is incompatible with the Federal Reserve’s new policy regarding access to Master Accounts for payment systems. William Blair analysts noted that while obtaining a charter would have enabled Wise to more directly access U.S. payment networks, the Federal Reserve has effectively paused the granting of Master Accounts while developing new policies for “payment accounts.”
However, William Blair believes that Wise’s resubmission does not signify a major shift in its stablecoin strategy. Analysts do not expect the company to significantly alter its stance on stablecoins, but rather to adjust its application approach in line with the new regulatory framework following the GENIUS Act.