Wise Shares Fall After US Regulator Denies Trust Bank Charter Bid
The OCC declined Wise's national trust bank application, blocking direct access to the Federal Reserve's payment systems.
Background
- Date: July 24, 2026
- Source: Wise (Image by: Wise)
- Impact: About a 10% drop in Wise shares
- Context: Wise's bid to establish Wise National Trust, a non-depository bank in Austin, Texas, was rejected.
Key Points
- Application: Wise applied to the US Office of the Comptroller of the Currency (OCC) in June 2025 for a national trust charter.
- Aim: Pairing the charter with a master account at the Federal Reserve Bank of Dallas to clear US dollars directly, including through real-time rails like FedNow.
- Challenges:
- Strictest review process with an average wait time of 823 days for approval.
- Only one crypto-linked firm has cleared this bar so far.
- Regulatory rationale not published, but Law360 reported compliance gaps cited by the OCC.
- Wise's Response: Acknowledging "historical issues" and a shifting backdrop, Wise stated that its approach had become "non-viable."
- Ongoing Operations: Wise continues to operate in the US under money transmitter licenses across 48 states and four territories.
- Future Plans: Reapply for a national trust charter under the framework created by the GENIUS Act.
Quote
“...we intend to file a fresh application for a national trust charter under the framework created by the GENIUS Act...” - Wise