Rain Seeks OCC Approval to Launch Rain National Trust Bank
Crypto payments firm Rain has applied with the OCC to charter a national trust bank covering custody, stablecoin reserves, and issuance.
Rain has filed an application with the Office of the Comptroller of the Currency to establish Rain National Trust Bank, a move that would bring key segments of the stablecoin payments ecosystem under direct federal oversight for the first time.
The proposed institution would handle custody services, stablecoin reserve management, and the issuance and redemption of stablecoins — functions that have largely operated outside the traditional federal banking supervisory framework. Securing an OCC charter would subject those activities to the same regulatory scrutiny applied to nationally chartered banks.
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Rain has designated Brandon Soto as the proposed President and Chief Executive Officer of the new entity. Soto previously served as Chief Financial Officer of Square Financial Services, bringing institutional banking and fintech experience to the leadership role.
The application signals a broader industry push toward federal legitimacy as stablecoin legislation advances in Washington. By anchoring its operations within a nationally chartered trust structure, Rain would gain regulatory credibility that could ease partnerships with mainstream financial institutions and position the firm ahead of anticipated federal stablecoin rules.
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