Svmuu News: According to a research report by William Blair, cross-border payment company Wise plans to resubmit its application for a national trust bank license under the U.S. “GENIUS Act” stablecoin regulatory framework. Previously, the Office of the Comptroller of the Currency (OCC) had rejected its original application.
In a letter dated July 21, the OCC stated that Wise’s application was incompatible with the Federal Reserve’s new policy regarding access to Master Accounts in the payment system. William Blair analysts noted that while approval of the license would have helped Wise gain more direct access to the U.S. domestic payment network, the Federal Reserve has essentially suspended the granting of Master Accounts and is currently developing new policies for “payment accounts.”
However, William Blair believes that Wise’s resubmission does not signal a major shift in its stablecoin strategy. Analysts do not expect the company to significantly alter its stance on stablecoins; rather, it is more likely that it is readjusting its application path to align with the new regulatory framework following the GENIUS Act.