Payoneer applies for US trust bank charter

Global financial services company Payoneer has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a charter to establish a national trust bank, Cointelegraph reported. The company plans to issue its own stablecoin, PAYO-USD, which will comply with the Stablecoin Regulation Act (GENIUS), for use in stablecoin payments. If approved by the OCC, Payoneer would be able to directly manage the PAYO-USD reserves and provide custody and stablecoin-to-fiat exchange services. Payoneer previously announced a partnership with Bridge, Stripe's stablecoin operator, to add stablecoin functionality to its cross-border transaction platform.