Rain Applies to OCC to Launch Rain National Trust Bank

Rain has filed an application with the Office of the Comptroller of the Currency to establish Rain National Trust Bank, a proposed federally chartered institution that would place the company's custody, stablecoin reserve management, and stablecoin issuance and redemption services under direct federal supervision.

The move signals a broader push by crypto-adjacent payments firms to secure regulatory legitimacy at the federal level, particularly as Congress and regulators intensify scrutiny of stablecoin infrastructure. A national trust bank charter would subject Rain to OCC examination and oversight, offering institutional partners a federally supervised counterparty for settlement and reserve services.

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Rain has tapped Brandon Soto, formerly the Chief Financial Officer of Square Financial Services, as the proposed President and CEO of the new institution. Soto's background at Square, a regulated industrial loan company, suggests Rain is prioritizing executives with direct experience navigating federal financial oversight structures.

The application covers three core functions that have largely operated outside traditional bank regulation in the crypto sector: digital asset custody, management of reserves backing stablecoins, and the issuance and redemption of stablecoins within the payments ecosystem. Bringing these activities under a federal charter could give Rain a competitive edge as clients seek regulated alternatives amid an evolving legal landscape for digital assets.

The OCC has previously granted conditional trust charters to crypto firms, though such applications face rigorous review. The outcome of Rain's filing would depend on the agency's assessment of the applicant's capital adequacy, management qualifications, and risk controls. Continue reading at All Financial Services & Investing.