Payoneer Applies for U.S. National Trust Bank Charter to Expand Stablecoin Capabilities

Cross-border payments platform Payoneer has applied for a national trust bank charter with the Office of the Comptroller of the Currency (OCC), marking another significant step in the convergence between fintech and regulated banking infrastructure.

If approved, the proposed entity — PAYO Digital Bank — would operate under direct federal oversight and be authorized to issue, send and receive stablecoins, provide custody services, manage stablecoin reserves, and facilitate conversion between digital assets and fiat currencies. The charter would not permit Payoneer to take deposits or engage in lending activities.

The company described the application as a “critical next step” in integrating stablecoin capabilities into its global payments ecosystem. Payoneer currently serves approximately 2 million users, primarily small and medium-sized businesses engaged in cross-border trade.

CEO John Caplan stated that the initiative aims to provide customers with a “trusted and regulated way to leverage the latest payment innovations” within global financial operations. Rob Morgan, proposed CEO of PAYO Digital Bank, added that the charter would position Payoneer’s customers at the forefront of stablecoin adoption, promising faster payments, greater transparency, and improved access to global markets.

The move comes amid growing demand for OCC trust charters. Eighteen firms reportedly applied last year, many targeting the same national trust structure. In recent months, the OCC has granted conditional approvals to firms including Circle, Ripple, Paxos, BitGo, Fidelity Digital Assets, Crypto.com, and Stripe subsidiary Bridge — which recently announced a stablecoin partnership with Payoneer.

However, not all observers support the trend. The Bank Policy Institute has warned that digital asset firms may be pursuing trust charters without intending to operate as traditional trust companies, raising concerns about regulatory arbitrage and systemic risk.

Payoneer now joins a growing list of fintech and digital asset firms seeking formal entry into the U.S. banking regulatory perimeter — a signal that stablecoins are increasingly viewed as infrastructure, not experimentation.

Source: Banking Dive