Payoneer, a cross-border payments provider serving nearly two million small and medium-sized businesses, has applied to the Office of the Comptroller of the Currency (OCC) to establish a US national trust bank, according to a Tuesday press release.
The proposed entity, PAYO Digital Bank, N.A., is aimed at supporting stablecoin-enabled services for global businesses. The move would advance Payoneer’s strategy to integrate stablecoins into its global payments ecosystem.
Utilizing the GENIUS Act framework, PAYO Digital Bank would allow businesses to send and receive stablecoins, issue and manage PAYO-USD, offer custodial wallets, and convert stablecoins into local currencies.
Payoneer expects the bank to enhance USD adoption in global trade, accelerate payments for SMBs, improve market access, and simplify cross-border financial operations.
Rob Morgan, tapped to lead the proposed bank, said the initiative would help global merchants “accelerate payments, add transparency, and improve access to markets.”
The company embedded stablecoin functionality into its platform on February 18, expanding digital asset options for customers who operate across borders. Weeks earlier, Indian regulators granted approval for the firm’s cross-border payment services.
Source: https://cryptobriefing.com/payoneer-stablecoin-bank-establishment/
