Stablecoin payment company Rain applies for a U.S. national trust bank charter, planning to offer digital asset custody and stablecoin issuance and redemption services.
According to Cointelegraph, stablecoin payment infrastructure provider Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York.
If approved, the bank will provide fiduciary custody services for digital assets and U.S. dollars to institutional clients, manage reserve assets for eligible stablecoin issuers, and issue and redeem USD stablecoins in accordance with the GENIUS Act.
This application arrives as U.S. community banks mount legal challenges against crypto trust bank charters. The Independent Community Bankers of America (ICBA) recently sued the OCC, seeking to overturn the relevant charter regulations and block the agency from continuing to approve new national trust banks under this framework.
