Rain Seeks Federal Charter for Stablecoin-Focused National Trust Bank

Rain, a company specializing in stablecoin payments, has applied for a federal bank charter. On October 5, 2026, the firm submitted its application to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), headquartered in New York. The filing comes just three days after the Independent Community Bankers of America (ICBA) sued the OCC over the regulations that enable such charters.

The proposed bank would focus on three key services: fiduciary custody of digital assets and US dollars, reserve management for stablecoin issuers, and the issuance and redemption of US dollar-backed stablecoins for institutional clients. Notably, RNTB would not take customer deposits, open consumer accounts, or make commercial loans. Client assets would be kept separate from the bank's own assets, and there would be no FDIC insurance.

Rain has proposed Brandon Soto, former chief financial officer of Square Financial Services, to serve as RNTB’s president and CEO. The OCC has already approved or conditionally approved at least 21 national trust banks, with 13 or more tied to crypto. Circle National Trust, approved in July 2026, is a prominent example. However, the ICBA lawsuit could complicate the approval process for Rain and other pending applications.

If approved, the charter would transform Rain from an infrastructure provider into a federally supervised custodian and reserve manager. The reserve management aspect is particularly significant, as it could enhance credibility for stablecoin issuers by providing federally supervised reserve management. The bank's design, which avoids lending client money, also reduces potential risks.