Wise plans to submit a new application for a national trust bank charter in the U.S. under the GENIUS Act stablecoin framework after the Office of the Comptroller of the Currency denied its original application, according to a William Blair note on Friday.
The OCC said that Wise's application was incompatible with new Federal Reserve policies regarding payment system Master Account access.
Reuters reported that Wise would reapply on Friday.
The OCC’s denial was made in a July 21 letter.
"While approval would have represented a step towards a connection to U.S. domestic rails, we understand the Fed has essentially halted the granting of master accounts, as it develops policies for 'payment accounts' that were formally proposed in May 2026," William Blair analysts Cristopher Kennedy and Marc Feldman wrote.
