Wise's Potential Plans of Building Stablecoin Technology for Settlement a Positive Offset to US Charter Denial, UBS Says
Wise's (WISE) potential plans of building stablecoin technology for settlement would be a potential offset to the recent denial for a US national trust charter and would add a meaningful resilience to the business going forward, UBS said in a research note.An application under under the GENIUS Act will put Wise into a different category of financial institution, which is a qualified stablecoin issuer but still likely a non-depository trust institution, signifying "a significant evolution" in its strategy regarding digital asset technology, UBS said.Wise's charter application was denied last week, with several US states detailing compliance shortfalls related to Bank Secrecy Act, Anti-money laundering and Countering the financing of terrorism, which have not been fully addressed yet, according to the Friday note.UBS maintained its buy rating on the company's stock with a $16 price target.Price: $33.00, Change: $-0.12, Percent Change: -0.37%
