Payoneer Aims to Launch Stablecoin-Focused Digital Bank

Cross-border payment FinTech Payoneer applied to the Office of the Comptroller of the Currency to open a digital bank, according to a Tuesday (Feb. 24) press release.

PAYO Digital Bank, N.A., would be a national trust bank aimed at supporting “stablecoin-enabled infrastructure for global businesses,” per the release.

“Over the past year, stablecoin adoption has accelerated for real-world businesses that operate globally,” the release said. “This application is a critical next step in Payoneer’s strategy to integrate stablecoin capabilities into its global payments ecosystem, connecting stablecoin efficiency to the local economies where nearly 2 million customers operate.”

If approved, PAYO Digital Bank would permit Payoneer to use the framework established by the GENIUS Act to bring stablecoin services to small- to medium-sized businesses (SMBs) around the world, according to the release.

PAYO Digital Bank plans to send and receive stablecoins; issue its own stablecoin, PAYO-USD; offer custodial services; and help customers convert from stablecoin balances into local currencies in the markets where they operate, the release said.

Many nonbanks are seeking bank charters from the federal government. Last year, the OCC received 14 de novo charter applications, a number nearly equaling the total applications received by the regulator during the previous four years combined, PYMNTS reported Jan. 26.

Those numbers have only been growing since 2026 began. United Kingdom FinTech Revolut said it will apply for a U.S. banking license, while buy now, pay later company Affirm announced its own plans to establish a bank subsidiary, called Affirm Bank.

Also in January, the Federal Deposit Insurance Corp. approved deposit insurance applications from Ford and General Motors to establish their own respective Utah-chartered industrial banks.

“Taken together, these moves point to a structural change in how nonbanks seek permanence inside the regulated financial system, with government approval becoming viewed as an asset, not an obstacle,” the report said.

Payoneer’s announcement came one week after the company said it is adding stablecoin capabilities to its platform.

The new offering, powered by stablecoin infrastructure platform Bridge, lets businesses securely receive, hold and send stablecoins as part of their everyday operations.