Rain Applies for National Trust Bank Charter With OCC

Stablecoin payments infrastructure provider Rain filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank ¹. The proposed uninsured national trust bank would be headquartered in New York as a separately capitalized subsidiary, subject to direct OCC supervision and examination ¹.

Under the proposed structure, the entity would not take customer deposits, offer consumer accounts, or issue commercial loans ¹. Instead, it plans to focus strictly on institutional operations through three specific business lines: fiduciary custody of fiat currency and digital assets, reserve management for authorized stablecoin issuers under the GENIUS Act, and direct issuance and redemption of dollar-backed stablecoins ¹. Client holdings would remain segregated from bank assets rather than recorded as bank liabilities, and backing reserves would not be lent, pledged, or rehypothecated ¹.

Rain named Brandon Soto as the proposed president and chief executive officer of the trust bank, pending regulatory review ¹. Soto formerly served as chief financial officer of Coastal Financial Corporation and earlier as CFO of Block's Utah-chartered industrial banking subsidiary, Square Financial Services ¹. Rain itself will continue operating its payments network and retaining its principal memberships with Visa and Mastercard ¹. Rain worked with law firm Paul Hastings on the charter submission ¹.

Path to Federal Supervision

Currently, partner assets backing Rain's card and payment programs rely on a patchwork of state-level licenses, third-party stablecoin issuers, and external custodians ¹. Securing a national trust bank charter would consolidate these functions within a single federal framework under the OCC ¹.

The application will undergo a public comment period, and documents are scheduled to appear on the OCC website ¹. The entity will only launch operations if it secures full regulatory sign-off ¹.