Stablecoin payment infrastructure firm Rain has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter to establish the New York-headquartered Rain National Trust Bank. If approved, the institution would provide fiduciary custody for digital assets and U.S. dollars, manage reserves for licensed stablecoin issuers, and issue USD-backed stablecoins under the GENIUS Act. Brandon Soto, former CFO of Square Financial Services, is designated to serve as president and CEO pending regulatory review.
Rain CEO Farooq Malik stated that institutional clients require federally regulated fiduciary custody for their assets. The application adds to a growing list of crypto firms seeking trust charters, a trend facing opposition from traditional banking groups. The Independent Community Bankers of America has sued the OCC, alleging unfair competitive advantages for non-depository trust banks; the OCC has conditionally approved or approved at least 21 trust banks to date, including 13 crypto-related firms.
Rain Applies for U.S. National Trust Bank Charter to Offer Stablecoin Custody Services
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