Rain Seeks OCC Approval to Launch National Trust Bank
Rain has filed an application with the OCC to establish Rain National Trust Bank, targeting crypto custody and stablecoin services under federal oversight.
Rain has submitted a formal application to the Office of the Comptroller of the Currency to charter Rain National Trust Bank, a proposed federally supervised institution focused on digital asset infrastructure. The move would bring custody services, stablecoin reserve management, and stablecoin issuance and redemption functions under direct federal regulation.
The proposed bank is designed to serve the payments ecosystem, positioning Rain as a regulated counterparty for businesses and institutions navigating the growing stablecoin market. Federal supervision through the OCC would give the entity a national charter, distinguishing it from state-licensed trust companies that operate under a patchwork of varying requirements.
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Rain has tapped Brandon Soto, a former chief financial officer at Square Financial Services, as the proposed president and chief executive of the new institution. Soto's background in fintech and regulated banking is seen as central to steering the charter application through the OCC's approval process.
The filing arrives as federal lawmakers and regulators intensify scrutiny of stablecoin issuers and the infrastructure supporting digital payment rails. A nationally chartered trust bank structure could offer Rain's partners and clients greater legal clarity and counterparty confidence than many existing crypto-native alternatives currently provide.
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