Wise is making a new attempt at securing a U.S. national trust bank charter by submitting an application under the GENIUS Act, following the Office of the Comptroller of the Currency's (OCC) rejection of its initial bid. The OCC's refusal, announced on July 21, cited shortcomings in Wise’s anti-money laundering controls, gaps in its management team, and limited experience in national banking.
The rejected plan aimed to establish Wise National Trust in Austin, Texas, allowing Wise to settle U.S. dollar payments more directly and lessen its dependence on partner banks. However, the firm’s shares dropped as much as 10% on the London Stock Exchange after the decision became public. Despite the setback, Wise continues operating in the U.S. under money-transmitter licenses in 48 states and four territories.
Wise explained that recent Federal Reserve policies restricting account access for uninsured trust banks forced the company to rethink its strategy. Its new application will align with the GENIUS Act framework, which provides federal licensing for payment stablecoin issuers, though Wise has not announced plans to launch its own stablecoin. Analysts from William Blair suggest Wise remains committed to a platform-agnostic approach rather than pivoting fully toward stablecoin-based services.
The OCC raised concerns over Wise’s proposed directors and managers, noting insufficient knowledge of national banking regulations and fiduciary operations. also the regulator pointed out Wise’s previous compliance failures in money services. Wise has stated it has since bolstered its financial crime controls and intends to address the OCC’s findings in the forthcoming application.
