Rain Files Application for US National Trust Bank Charter Under OCC Oversight

Key Facts

1Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank.

2The proposed bank will focus on custody, stablecoin reserve management, and stablecoin issuance and redemption.

Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank, headquartered in New York. PR Newswire reported that the proposed bank will focus on custody, stablecoin reserve management, and the issuance and redemption of stablecoins to support the payments ecosystem.

The move aims to bring stablecoin operations under federal supervision, with the company naming Brandon Soto as the proposed President and CEO. This regulatory step comes amid increasing focus on digital asset frameworks.