Rain seeks US trust bank charter

Stablecoin payments infrastructure company Rain has applied to form a national trust bank in New York, expanding its push into federally regulated banking services. If approved by the Office of the Comptroller of the Currency, the proposed Rain National Trust Bank would handle fiduciary custody of digital assets and US dollars for institutional clients, manage reserves for permitted stablecoin issuers, and support the issuance and redemption of dollarbacked stablecoins under the GENIUS Act. The filing comes as more crypto and payments firms seek trust bank charters, even as community banking groups challenge the OCC’s framework in court. The Independent Community Bankers of America has argued that the regulator went beyond its authority by allowing nondepository trust banks to carry out broader nonfiduciary activities, and it has asked a court to block further approvals based on the current rules.