Global financial services firm Payoneer has filed for a national trust banking charter in the US to issue a stablecoin and provide crypto services. They plan to issue a GENIUS Act-compliant stablecoin, PAYO-USD, and offer custodial services once approved by the OCC. Payoneer believes stablecoins will transform global trade.

The OCC granted conditional approval to Crypto.com for a banking charter, joining other crypto companies like Circle, Ripple, and Fidelity Digital Assets. Trump family’s World Liberty Financial applied for a charter to expand its stablecoin use, while Coinbase awaits a decision since October. Stablecoins are seen as ideal for cross-border business transfers.

Payoneer aims to provide a regulated stablecoin solution for its two million customers, mainly small and medium-sized businesses, to simplify cross-border trade. This move could enhance the use of USD in global trade, reduce barriers for American companies, and expand the dollar’s presence internationally. The entrance of new players in the banking sector is seen as beneficial for consumers, the banking industry, and the economy.

Read more at Cointelegraph.com

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