Payoneer Seeks OCC Approval for Digital Bank Expansion into Crypto Services

Payoneer has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish PAYO Digital Bank. According to NS3.AI, if approved, this initiative would enable Payoneer to manage stablecoins, issue its own USD-backed token named PAYO-USD, and provide digital asset custody services. This development marks a significant shift for Payoneer, a traditional payment company, as it ventures into the realms of digital banking and cryptocurrency services.