Stablecoin payments infrastructure provider Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank, headquartered in New York. The move adds to growing interest among crypto and payments companies in obtaining national trust bank charters.
If approved, the proposed bank would provide fiduciary custody of digital assets and US dollars for institutional clients, manage reserves for stablecoin issuers, and issue and redeem dollar-backed stablecoins under the GENIUS Act. Brandon Soto, former chief financial officer of Square Financial Services, would serve as president and CEO, pending OCC review.
"The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator," Rain CEO and co-founder Farooq Malik said.
Rain's filing coincides with Modern Treasury's announcement that it has also submitted an application for a national trust bank charter to offer digital asset custody and related services.
Community Banks Challenge Charter Framework
The expansion of crypto banking charters has drawn legal opposition. On Friday, the Independent Community Bankers of America (ICBA) sued the OCC and Comptroller Jonathan Gould in US District Court for the District of Columbia, challenging the regulator's authority to grant non-depository trust bank charters.
The ICBA alleged that the OCC's chartering framework allows crypto and digital asset companies to operate under lighter regulatory oversight compared to traditional banks. The group argued this creates a competitive disadvantage for community banks and may mislead consumers who see the "national bank" designation.
The lawsuit targets the OCC's March 2026 chartering rule and a 2021 interpretive letter, asking the court to overturn both and prevent further approvals based on them.
According to the ICBA's complaint, the OCC has approved or conditionally approved at least 21 trust banks, with at least 13 being crypto companies.
The Crypto Council for Innovation characterized the lawsuit as an attempt to stifle innovation.
