On Tuesday, October 6, 2026, CoinMarketCap reported that stablecoin payments company Rain applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank.
The proposed institution, to be called Rain National Trust Bank, would act as a fiduciary custodian for approved digital assets and fiat currency. It would also manage reserves for permitted stablecoin issuers and issue and redeem U.S. dollar-backed stablecoins in accordance with the GENIUS Act, according to the company’s announcement.
Rain said the bank would not accept deposits, offer consumer accounts or make commercial loans. The company named Brandon Soto, a former chief financial officer of Coastal Financial Corp., as its proposed president and chief executive, subject to OCC review.
Rain CEO and co-founder Farooq Malik announced the filing on X, where he outlined the bank’s three planned services. In a statement, Malik said institutions building on Rain’s platform want the assets backing their programs held by a fiduciary that answers to a federal regulator.
The application arrives days after the Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC over its approach to crypto-focused trust bank charters. The trade group filed the suit October 2 in the U.S. District Court for the District of Columbia. According to the complaint, the suit challenges the OCC’s March 2026 chartering rule as well as a 2021 interpretive letter.
ICBA President and CEO Rebeca Romero Rainey said the OCC’s decision to let companies obtain national trust bank charters for substantial non-fiduciary activities goes beyond the authority Congress gave the agency.
The complaint states that the OCC has approved or conditionally approved 21 trust banks, including at least 13 operated by crypto companies. In August, World Liberty Financial, the company behind the USD1 stablecoin, received conditional approval for its proposed national trust bank. Block, meanwhile, applied in September for a federal trust bank charter to custody Bitcoin and stablecoins.
Source: CoinMarketCap
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