Update (July 25, 16:39 UTC): This article has been updated to include a response from Wise.
Payments company Wise will change its strategy of applying for a charter license with the U.S. Office of the Comptroller of the Currency (OCC) to a license “under the GENIUS Act,” the legislation that regulates stablecoins in the country.
As of Thursday announcement from Wise, the company plans to file a novel application for a national trust bank charter under the GENIUS Act. William Blair Investment Banking Group he said that Wise is unlikely to change its stance on payment stablecoins with the novel OCC application, even though it will negative on Tuesday, a statute was passed establishing a national trust bank.
“Wise is focused on lowering the costs of cross-border transactions, regardless of rail,” said William Blair, about applying under the GENIUS program.
In its denial, the OCC said the company could not demonstrate it had an effective anti-money laundering (AML) and anti-terrorist financing (CFT) compliance program and that it faced “other risks associated with illicit financial activities.”
The GENIUS Act, signed into law in July 2025, provides a framework for stablecoin providers in the United States pending approval of final regulations by federal agencies. However, regulators missed a key deadline last week to provide guidance on implementing the law before its January 2027 entry into force date.
Following the passage of the Stable Coin Act, the OCC approved several applications from digital asset companies for national custodial cards, including Circle, Ripple Labs, Crypto.com and Coinbase.
