Rain, an infrastructure provider for stablecoin payments, submitted an application to the Office of the Comptroller of the Currency on October 5, 2026. The company seeks to establish the Rain National Trust Bank, which would be headquartered in New York.
The proposed institution plans to focus on three core areas: fiduciary custody of digital assets and US dollars, reserve management for stablecoin issuers, and the issuance and redemption of dollar-backed stablecoins for institutional clients.
The bank will not accept customer deposits, open consumer accounts, or issue commercial loans. Client assets will remain separate from the bank's own holdings, and the entity will not carry FDIC insurance.
Brandon Soto, the former CFO of Square Financial Services, is designated to lead the organization as president and CEO. The application follows the July 2026 approval of Circle National Trust by the OCC.
The filing occurred three days after the ICBA initiated a lawsuit against the OCC on October 2, 2026, challenging the regulatory framework that permits such charters. This legal action could potentially impact the approval process for Rain.
