Payoneer Seeks Bank Charter to Issue PAYO-USD Stablecoin

Payoneer provides cross-border payment services to nearly 2 million business customers. The U.S. GENIUS Act, which took effect on July 18, 2025, established the first federal regulatory framework for payment stablecoins and requires 100% reserves in liquid assets such as U.S. dollars or short-term Treasuries. The law is helping stablecoins evolve from trading instruments into tools for everyday business payments, while prompting fintech companies to pursue trust bank charters under OCC supervision.

Payoneer applied to the Office of the Comptroller of the Currency on February 24, 2026, to establish PAYO Digital Bank, N.A., a national trust bank that would not accept deposits or carry FDIC insurance. If approved, the bank would issue the U.S. dollar stablecoin PAYO-USD, manage its reserves, and provide payment, custody, and fiat on- and off-ramp services. Payoneer has not disclosed the planned issuance amount or launch date.