Payoneer has submitted a formal application to the Office of the Comptroller of the Currency with the aim of establishing PAYO Digital Bank, N.A., a proposed national trust bank designed to support stablecoin-enabled infrastructure for its global business clientele.

This filing marks a significant step in Payoneer’s strategic move to incorporate stablecoin functionalities into its cross-border payments platform, which currently serves around two million customers worldwide. The application was prepared with the assistance of legal advisors Davis Polk & Wardwell.

Proposed features and regulatory context

Should PAYO Digital Bank be approved, it would function as a federally regulated trust bank under the GENIUS Act framework. This proposed institution aims to enable Payoneer to issue its own stablecoin, named PAYO-USD, which will adhere to regulations set forth by the GENIUS Act and serve as the primary holding currency in Payoneer’s wallet system. Other planned functionalities include facilitating transactions involving a variety of approved stablecoins, managing reserve assets backing the stablecoin, delivering business-grade custodial wallet services, and offering conversion options between stablecoins and local currencies for customers operating in different markets.

John Caplan, Payoneer’s CEO, views stablecoins as pivotal to future global trade. He described the application as a means to provide regulated access to payment innovations within existing financial operations. Rob Morgan, the proposed CEO of PAYO Digital Bank, emphasized the potential for a comprehensive stablecoin solution tailored to small and medium-sized businesses engaging in cross-border transactions.

Business strategy and market environment

This application comes during an era of increasing institutional and regulatory focus on stablecoins within the United States, with the GENIUS Act providing a clear federal framework for issuance and governance. For Payoneer, obtaining this national trust bank charter would add federally supervised infrastructure to its existing cross-border payments services, potentially enhancing its presence in non-dollar payment networks and supporting greater adoption of USD in international trade flows. The filing aligns with similar moves by other financial technology companies like Crypto.com, which received conditional approval for a national trust bank charter in February 2026, highlighting broader industry momentum toward federal banking licenses.