--- title: "Rain Applies for National Trust Bank Charter With OCC" description: "The proposed New York-headquartered trust bank would handle digital asset custody, reserve management, and stablecoin issuance under federal oversight." url: https://basisdesk.news/news/rain-files-occ-application-national-trust-bank-charter published: 2026-10-05T21:26:18.696Z modified: 2026-10-05T21:26:18.696Z section: Regulation & Policy author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [] tags: [OCC, stablecoins, banking, custody, GENIUS Act] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Rain Applies for National Trust Bank Charter With OCC The proposed New York-headquartered trust bank would handle digital asset custody, reserve management, and stablecoin issuance under federal oversight. ## At a glance - **What happened:** Rain filed an application with the OCC to establish Rain National Trust Bank as a federally supervised, uninsured trust bank subsidiary. - **Why it matters:** Approval would allow Rain to consolidate institutional digital asset custody, reserve management, and stablecoin issuance under direct federal oversight. - **Who is affected:** Institutional partners, stablecoin issuers under the GENIUS Act, and enterprise clients utilizing Rain's payment programs. - **What's next:** The OCC will publish the filing on its website and initiate a public comment period as part of its formal review. - **Status:** proposed - **Primary source:** [Rain Files Application With the OCC to Establish Rain National Trust Bank](https://www.prnewswire.com/news-releases/rain-files-application-with-the-occ-to-establish-rain-national-trust-bank-302898950.html) — PR Newswire ## Key points - Rain filed an OCC application to establish Rain National Trust Bank as an uninsured national trust bank in New York. - The proposed entity plans to provide fiduciary custody, reserve management, and stablecoin issuance under the GENIUS Act without taking deposits. - Former Square Financial Services CFO Brandon Soto was named proposed president and CEO of the planned banking subsidiary. ## Editorial remark - **Context:** Rain's stablecoin payment programs have relied on decentralized state licenses, third-party issuers, and external custodians to support institutional client assets. - **Impact:** If approved, institutional clients and stablecoin issuers would access federal fiduciary custody, segregated asset management, and direct issuance under OCC oversight. - **Watch:** The opening of the OCC's public comment period and the subsequent publication of the application on occ.gov. 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]. ## FAQ **Will Rain National Trust Bank accept deposits or hold FDIC insurance?** No. The proposed trust bank will be an uninsured institution that will not accept retail or commercial deposits, will not issue commercial loans, and will not carry FDIC insurance. **What core services would the trust bank provide if approved?** The charter would authorize fiduciary custody of fiat and digital assets, reserve administration for stablecoin issuers under the GENIUS Act, and direct dollar-backed stablecoin issuance and redemption. **What is the status of the charter application?** The application has been submitted to the OCC and must complete an agency review process, which includes a formal public comment period. ## Sources 1. [Rain Files Application With the OCC to Establish Rain National Trust Bank](https://www.prnewswire.com/news-releases/rain-files-application-with-the-occ-to-establish-rain-national-trust-bank-302898950.html) — PR Newswire, 2026-10-05 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai