<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Rain said on Monday it has filed an application with the US Office of the Comptroller of the Currency to establish Rain National Trust Bank, headquartered in New York.</li>
 <li>The proposed bank would provide fiduciary custody, manage reserves for permitted stablecoin issuers and issue US dollar-backed stablecoins under the GENIUS Act, according to Rain.</li>
 <li>The filing follows an Oct. 2 lawsuit by the Independent Community Bankers of America challenging the OCC's crypto trust charters.</li>
</ul>
Stablecoin payments company Rain has applied to the US Office of the Comptroller of the Currency to establish a national trust bank that would hold digital assets and issue dollar-backed stablecoins, the company said on Monday.
The filing comes days after the Independent Community Bankers of America (ICBA) <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/icba-sues-occ-over-crypto-trust-bank-charters">sued the OCC over crypto trust bank charters</a>, arguing the regulator exceeded its authority.
<h2 id="header-1">What Rain National Trust Bank Would Do</h2>
The proposed bank would provide fiduciary <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/custody">custody</a> of approved digital assets and <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/fiat">fiat</a> currency, manage reserves for permitted <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/glossary/stablecoin">stablecoin</a> issuers and issue and redeem US dollar-backed stablecoins under the GENIUS Act, according to Rain's <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.prnewswire.com/news-releases/rain-files-application-with-the-occ-to-establish-rain-national-trust-bank-302898950.html">announcement</a>.
It would not take deposits, offer consumer accounts or make commercial loans, the company said. Rain proposed Brandon Soto, a former chief financial officer of Coastal Financial Corp., as president and CEO, pending OCC review.<tweet-embed url="https://x.com/rooqster/status/2107223647077441661"></tweet-embed>
"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.
Malik also <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/rooqster/status/2107223647077441661">announced</a> the filing on X, listing the bank's three planned services.
<h2 id="header-2">OCC Crypto Trust Charters Face ICBA Challenge</h2>
The filing comes amid legal headwinds for crypto trust bank charters. The ICBA's lawsuit, filed Oct. 2 in the US District Court for the District of Columbia, challenges the OCC's March 2026 chartering rule and a 2021 interpretive letter, according to the complaint. The trade group announced the suit in a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.icba.org/w/occ-release-oct-2026">release</a>.
"The OCC's decision to allow companies to obtain national trust bank charters to conduct substantial non-fiduciary activities exceeds the authority Congress granted the agency," ICBA President and CEO Rebeca Romero Rainey said.
The OCC has approved or conditionally approved 21 trust banks, at least 13 of them crypto companies, according to the complaint. In August, <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/world-liberty-usd1-occ-bank-charter-approval">World Liberty Financial, the company behind the USD1 stablecoin</a>, won conditional approval for its proposed national trust bank.
Block <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/block-occ-trust-bank-charter-bitcoin-stablecoin-custody">applied for a federal trust bank charter</a> in September to custody Bitcoin and stablecoins.
Read More:&nbsp;<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/how-to-buy-tokenized-stocks">How To Buy Tokenized Stocks, Self-Custody Them, and Earn Yield</a>

Stablecoin Firm Rain Seeks OCC Charter for National Trust Bank

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