Payoneer has applied with the Office of the Comptroller of the Currency for a national trust bank charter.
The fintech said in a press release that the proposed PAYO Digital Bank would support stablecoin-enabled infrastructure for global businesses.
“Payoneer is at the forefront of cross-border payments, and we believe stablecoins will play a meaningful role in the future of global trade,” John Caplan, the fintech’s CEO, said in the release. “Through PAYO Digital Bank, we aim to provide customers with a trusted and regulated way to leverage the latest payment innovations as part of their global financial operations.”
The charter would let the proposed bank’s customers pay and accept payment with stablecoins, issue its own stablecoin under the GENIUS Act, and manage the reserves that back the stablecoin, among other things.
Rob Morgan would serve as the proposed bank’s CEO.