Wise, a UK-headquartered cross-border remittance and foreign-exchange services company, is filing a fresh application for a federal trust bank charter under the Genius Act stablecoin framework after the U.S. Office of the Comptroller of the Currency (OCC) rejected its original proposal.

According to a recent report by The Block, the OCC said Wise's initial application did not fit with new Federal Reserve policy related to access to payment system master accounts. Reuters reported Wise will reapply on July 24.

William Blair analysts Christopher Kennedy and Mark Feldman said, "If it had been approved, it would have provided a foothold to connect to the U.S. domestic payments network, but the Fed appears to have effectively stopped issuing master accounts while it sets a 'payments account' policy."

The OCC, together with major U.S. financial regulators, has significantly changed its supervisory approach since Trump’s second term began. In December last year, the OCC granted conditional approvals to applicants including BitGo, Circle, Fidelity, Paxos and Ripple affiliates. In the same month, BitGo also received final approval to convert a state trust company into a federally regulated company.

After that, Crypto.com, Coinbase and Nomura-backed Laser Digital received conditional approvals, and Sony Bank subsidiary Connectia was also approved. Upstart received conditional approval for AI-focused Upstart Bank.

Traditional financial giants such as Morgan Stanley and Charles Schwab have also begun the OCC charter process amid interest in stablecoins.

Circle received final approval earlier this month, joining BitGo and Anchorage Digital. Anchorage Digital had long been the only cryptocurrency company to hold a federal trust charter issued in 2021.