Payoneer applies to establish a national trust bank for stablecoin payments

Payoneer has filed an application with the Office of the Comptroller of the Currency (OCC) to establish PAYO Digital Bank, N.A., a proposed national trust bank that will support a stablecoin-based infrastructure for the company's global business customers.

The filing is a formal step in Payoneer's strategy to integrate stablecoin functionality into its cross-border payment platform, which serves approximately two million customers worldwide. The company worked with Davis Polk & Wardwell to prepare the documentation.

If the application is approved, PAYO Digital Bank will operate as a federally supervised trust bank, based on the regulatory framework established by the GENIUS Act—U.S. legislation creating a supervisory structure for stablecoins. The planned bank would enable Payoneer to issue its own stablecoin, PAYO-USD, maintained in accordance with the requirements of the GENIUS Act and used as a currency stored in Payoneer wallets.

The planned functionalities also include the ability to send and receive approved stablecoins, manage PAYO-USD collateral reserves, provide business-class custodial wallet infrastructure, and offer on-ramp and off-ramp mechanisms, i.e., conversion between stablecoins and local currencies in the markets where the company's clients operate.

John Caplan, CEO of Payoneer, pointed out that stablecoins are likely to play a significant role in the future of global trade. In his opinion, the filing is intended to provide customers with a regulated path to access payment innovations within their existing financial operations. Rob Morgan, proposed CEO of PAYO Digital Bank, emphasized the possibility of providing an integrated stablecoin solution for small and medium-sized businesses operating across borders.

The application comes amid growing institutional and regulatory interest in stablecoins in the United States, where the GENIUS Act provides a clear federal framework for issuance and oversight. For Payoneer, obtaining a national trust bank license would mean adding federally supervised infrastructure to its existing cross-border payment capabilities, potentially strengthening the company's position in non-dollar payment corridors and supporting the use of the USD in global trade flows.

Payoneer's application follows a similar move by Crypto.com, which received conditional approval from the OCC in February 2026 to establish a national trust bank. This points to a broader trend among fintech companies and digital asset entities, which are increasingly applying for federal banking licenses in the United States.