Rain seeks US trust bank charter days after OCC sued over crypto charters
Rain joins a growing queue of crypto firms seeking federal trust charters, while community banks have just asked a court to overturn the OCC rules underpinning them.
Stablecoin payments infrastructure provider Rain has filed an application to establish a national trust bank headquartered in New York, adding to a wave of crypto companies seeking bank charters over the last year.
Rain said Monday it filed the application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank. If approved, the bank would be able to provide fiduciary custody of digital assets and US dollars for institutional clients, provide reserve management for permitted stablecoin issuers and issue and redeem dollar-backed stablecoins in accordance with the GENIUS Act.
Former Square Financial Services chief financial officer Brandon Soto will serve as president and CEO of the proposed national trust bank, subject to OCC review.