Wise, a London-listed money transfer group, saw its shares fall 10% on Friday after the US Office of the Comptroller of the Currency denied its application to create a national trust bank in the United States. The denial was due to the application being incompatible with the Federal Reserve’s new policies for payment system access.
The company had sought to settle US dollar payments directly with the Fed as a national trust bank. However, US regulations for payments have changed significantly since the firm submitted its application in June of last year, making the approach in the application non-viable.
Wise plans to submit a new application for a national trust bank charter under the GENIUS Act framework, which pertains to digital assets like stablecoins. The company believes its infrastructure is well-positioned to interoperate with digital assets alongside existing payment rails.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
