Wise Group, the London-listed fintech formerly known as TransferWise, is heading back to the drawing board after the Office of the Comptroller of the Currency denied its application for a national trust bank charter on July 23, 2026.
The company says it will resubmit under the framework created by the GENIUS Act, the federal stablecoin law signed just days before Wise originally filed its application last year.
Investors were, predictably, not thrilled. Wise shares dropped as much as 11% on the news.
What happened and why it matters
Wise first submitted its charter application in June 2025, seeking to become a nationally chartered trust bank. For Wise, it would have meant direct access to US payment rails without relying on a patchwork of state-by-state licenses.
