Payoneer has taken a significant step toward integrating stablecoins into mainstream cross-border commerce. The company announced it has filed an application with the Office of the Comptroller of the Currency (OCC) to establish PAYO Digital Bank, N.A., a proposed national trust bank aimed at supporting stablecoin-enabled infrastructure for global businesses.
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The move comes as stablecoin adoption accelerates among companies operating across borders. Over the past year, real-world use cases have expanded beyond crypto-native environments into global trade, supplier payments, and treasury management. Payoneer, which serves nearly two million businesses worldwide, sees stablecoins as a natural extension of its cross-border payments ecosystem.
Chief Executive Officer John Caplan described the application as a forward-looking step designed to give customers regulated access to emerging payment technologies. If approved, PAYO Digital Bank would operate under federal supervision, allowing Payoneer to integrate stablecoin capabilities directly into the day-to-day financial workflows of small and medium-sized businesses.
The filing follows the passage of the GENIUS Act, which established a new federal framework governing stablecoins in the United States. Under that structure, PAYO Digital Bank would be positioned to issue PAYO-USD, a compliant U.S. dollar-backed stablecoin intended to function as a holding currency within Payoneer wallets. The proposed bank would also manage the reserves backing PAYO-USD, provide custodial wallet infrastructure for business clients, and enable seamless conversion between stablecoins and local currencies across .
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Rob Morgan, the proposed CEO of PAYO Digital Bank, emphasized that Payoneer’s customer base sits at the center of global trade flows, where faster settlement, greater transparency, and reduced friction can materially impact growth. By embedding stablecoin capabilities within a regulated banking structure, the company aims to offer businesses a secure, enterprise-grade solution rather than a patchwork of third-party crypto tools.
Beyond operational efficiency, Payoneer believes the initiative could help expand the role of the U.S. dollar in global commerce, particularly across non-dollar payment corridors. By simplifying cross-border transactions and enabling businesses to manage funds across traditional currencies and stablecoins within a unified platform, the company is positioning itself at the intersection of fintech infrastructure and digital asset innovation.
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The application was prepared in coordination with legal advisors at Davis Polk & Wardwell LLP. Approval from the OCC would mark a pivotal milestone in Payoneer’s evolution from a cross-border payments provider into a regulated digital banking institution supporting stablecoin-based global trade.
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