Payoneer is pushing to set up a digital bank under federal supervision and issue a new stablecoin, The Block reported on Feb. 24 local time.
Payoneer submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish the PAYO digital bank. If approved, Payoneer plans to issue a dollar-linked PAYO-USD token and provide digital asset custody services.
Payoneer said stablecoins will play an important role in the global payments market. It said it will support small and midsize businesses in using stablecoins for everyday operations through a federally approved trust bank.
Besides Payoneer, multiple companies including Crypto.com, Stripe, Ripple and Circle have received conditional approval from the OCC related to setting up banks.