Rain Files Application to Establish National Trust Bank for Digital Asset Custody and Stablecoin Management
Rain has submitted an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank, a proposed national trust bank based in New York. The new entity aims to provide custody services for digital assets and U.S. dollars, reserve management for stablecoin issuers, and issuance and redemption of dollar-backed stablecoins under federal supervision. Rain's partners operate large-scale card, wallet, and money movement programs serving millions of users. Currently, the underlying assets are spread across state licenses and third-party custodians. The proposed trust bank will consolidate these functions into a single regulatory framework to enhance transparency and compliance for institutional clients in the digital asset payments ecosystem. Rain National Trust Bank is not intended to accept deposits or offer consumer accounts; it will operate as an uninsured, separately capitalized subsidiary under OCC oversight. Brandon Soto, former CFO of Square Financial Services and Coastal Financial Corporation, has been named proposed CEO.
Topics: digital assets federal regulation stablecoins trust banking