Wise Shares Drop After U.S. Regulators Reject National Trust Bank Application
London-based fintech company Wise saw its shares fall nearly 10% after the U.S. Office of the Comptroller of the Currency denied its application to establish a national trust bank in the United States. The rejection was attributed to changes in Federal Reserve policies regarding payment system access, which made Wise's proposed approach non-viable. Wise had sought direct settlement capabilities with the Fed for USD payments but now plans to resubmit an application under the GENIUS Act framework focused on digital assets like stablecoins. The company emphasized its infrastructure is well-suited for integration with both traditional and emerging payment systems.
Topics: Fed policy financial regulation fintech payment systems