Wise Reapplies for US National Trust Bank License Under GENIUS Act Framework

Following an OCC rejection citing AML concerns, Wise submits a new national trust bank license application under the GENIUS Act. William Blair notes stablecoin strategy remains unchanged.

Woofun AI reports that payment provider Wise intends to submit a renewed application to the Office of the Comptroller of the Currency (OCC) for a national trust bank license, operating within the GENIUS Act regulatory framework. This strategic adjustment follows the OCC’s rejection of Wise’s earlier submission on Tuesday, which cited deficiencies in anti-money laundering and counter-terrorism financing compliance systems, alongside risks of other illicit financial activities. Investment bank William Blair indicates that this renewed effort is unlikely to alter Wise’s fundamental approach to payment-type stablecoins. The company continues to prioritize reducing cross-border transaction costs rather than restricting operations to specific payment channels.