Rain Seeks OCC Approval for National Trust Bank Focused on Stablecoins
Rain, a company specializing in stablecoin payment infrastructure, has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank based in New York. If approved, RNTB will operate under federal supervision, offering custody services for digital assets and US dollars, reserve management for stablecoin issuers, and stablecoin issuance and redemption for institutional clients. The bank will not accept deposits, provide consumer accounts, or issue commercial loans.
Rain has appointed Brandon Soto, former Chief Financial Officer of Square Financial Services and Coastal Financial Corporation, as the proposed President and CEO of RNTB. Soto brings extensive experience in banking and finance, emphasizing the importance of clear ownership, daily reconciliation, and strong controls in the proposed bank's operations.
Rain's partners currently manage stablecoin programs for millions of users, with assets spread across various licenses, custodians, and issuers. The creation of RNTB aims to consolidate these functions under a single federal regulatory framework, enhancing security and compliance for institutional clients.
The application is now subject to OCC review and approval, including a public comment period. Rain's leadership acknowledges the responsibility of seeking a national trust bank charter and commits to working closely with the OCC throughout the process.