Stablecoin payments company Rain has applied for an Office of the Comptroller of the Currency (OCC) national trust bank charter to bring its custody and stablecoin operations under federal supervision. The proposed Rain National Trust bank, a New York subsidiary, would provide fiduciary custody of digital assets and U.S. dollars, manage reserves for permitted stablecoin issuers, and handle issuance and redemptions of dollar-backed stablecoins for institutional clients.
The application joins a growing wave of crypto firms seeking limited-purpose national trust bank charters to reduce reliance on third-party banks. Circle, Ripple, BitGo, and Fidelity received initial OCC approvals in December, with Circle securing final approval for its federal trust bank in late July. National trust banks are authorized to provide custody and fiduciary services but cannot accept consumer deposits, make commercial loans, or offer FDIC insurance.
Rain Seeks OCC National Trust Bank Charter for Stablecoin and Custody Operations
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