Wise will file a new application for a US national trust bank charter under the GENIUS Act framework after the OCC rejected its first bid. Regulators tied the denial to new Federal Reserve rules on payment-system master accounts. Analysts at William Blair expect no major change to the firm's stance on stablecoins.
Wise plans to resubmit its bid for a US national trust bank charter under the GENIUS Act framework after the Office of the Comptroller of the Currency denied its original application, according to a William Blair note on Friday. The regulator said Wise's application was incompatible with new Federal Reserve policies on payment-system master account access.
The denial came in a July 21 letter, and Reuters reported that Wise would reapply on Friday.
Why the OCC said no
Master-account access drove the rejection. William Blair analysts Cristopher Kennedy and Marc Feldman wrote that the Fed has essentially halted new master accounts as it develops policies for "payment accounts" formally proposed in May 2026.
Reuters reported that the denial also addressed historical compliance concerns, including a July 2025 multi-state consent order over anti-money-laundering risk management that Wise says it has since strengthened. Wise's initial plan relied on holding a Fed Master Account, which became non-viable after the Fed's proposal for limited "payment accounts" included a temporary pause on Tier-3 access requests by uninsured, non-federally supervised entities.
More firms line up for OCC charters
The OCC has reshaped its approach to oversight during President Donald Trump's second term. Last December it granted conditional approvals to applicants affiliated with BitGo, Circle, Fidelity, Paxos and Ripple, and BitGo won full approval that month to convert its state trust company into a federally regulated entity.
Since then, Crypto.com, Coinbase and Nomura-backed Laser Digital National Trust Bank have received conditional approval, while Sony Bank subsidiary Connectia was approved. Circle won official charter status earlier this month, joining BitGo and Anchorage Digital.
What it means for stablecoins
The GENIUS Act passed in the summer of 2025, setting rules for so-called payment stablecoins designed to hold a peg to the US dollar through reserves such as cash or Treasuries. Even so, Wise said its infrastructure is built to work with both blockchain and traditional payment rails, though the firm remains agnostic on stablecoins, Reuters reported.
According to William Blair, Wise's stance on stablecoins will not shift much: "we do not anticipate a major shift in the company's stance on stablecoins". The analysts reiterated an Outperform rating on WISE, saying its discounted cash flow implies at least a $19 stock price.
Source: The Block
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