Wise will reapply for an OCC trust charter under the GENIUS Act after a July rejection over AML controls. The OCC has approved similar charters for Coinbase, Circle, and Ripple.
Alpha Score of 38 reflects weak overall profile with weak momentum, weak value, poor quality, strong sentiment.
Wise plans to reapply for a U.S. national trust bank charter, structuring its bid around the GENIUS Act framework. The OCC rejected Wise's initial application on July 22, citing deficiencies in its anti-money laundering and counter-terrorism financing programs.
The company said in a July 23 notice that it intends to file a new application under the GENIUS Act structure. The move comes as stablecoin rules take a clearer federal shape, pushing payment platforms to align with compliance standards.
William Blair analysts said Wise is unlikely to shift its stance on payment stablecoins despite the new application. The firm's strategy centers on cutting cross-border costs, not on making stablecoins a core product, they said. Wise sees the charter as a tool for regulatory footing. The move is not a pivot toward tokenized payments, analysts said.
The OCC's rejection letter said Wise failed to show it had an effective AML/CFT program. The agency also flagged exposure to "other illicit financial activity risks," pointing to the supervisory scrutiny around high-volume cross-border payment platforms. Wise said in its July 23 notice that it will address the compliance gaps identified by the OCC in its new application. The company did not provide specific details on how it plans to strengthen its controls.
The GENIUS Act became law in July 2025. It sets a federal framework for payment stablecoin issuers and service providers. Key implementation details still need final agency approval, including rules on reserve management and transaction monitoring. Cointelegraph reported that regulators missed an internal deadline last week for publishing guidance ahead of the law's January 2027 effective date.
Analysts said the approvals for Circle, Ripple Labs, Crypto.com, and Coinbase ($COIN) signal a viable federal path exists for applicants that meet baseline risk and compliance requirements. Coinbase, which operates under an OCC trust charter, holds a Weak Alpha Score of 27 on AlphaScala's risk framework.
Regulators have not yet published the implementation guidance for the GENIUS Act. The law takes full effect in January 2027.
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