Payoneer joins rush of fintechs bidding for US bank charters

Payoneer joins rush of fintechs bidding for US bank charters

Coinbase, World Liberty Financial and Laser Digital are also in line for a banking charter in the US, after Crypto.com received conditional approval for a charter on Monday.

Global financial services firm Payoneer is the latest in a growing number of companies that have filed for a national trust banking charter in the US, which could enable it to issue a stablecoin and provide various crypto services.

Payoneer said on Tuesday it filed with the Office of the Comptroller of the Currency to form PAYO Digital Bank, a week after it partnered with stablecoin infrastructure firm Bridge to add stablecoin capabilities to its platform that is mainly focused on cross-border transactions.

Payoneer said that it is seeking to issue a GENIUS Act-compliant stablecoin, PAYO-USD, to serve as the holding currency in Payoneer wallets, in addition to allowing customers to pay and receive stablecoins.

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