Rain Seeks OCC Charter to Launch National Trust Bank
Fintech Rain has applied to the OCC to establish Rain National Trust Bank, targeting crypto custody and stablecoin services under federal oversight.
Rain, a payments-focused fintech company, has filed an application with the Office of the Comptroller of the Currency to establish Rain National Trust Bank, a proposed federally supervised institution that would bring cryptocurrency custody, stablecoin reserve management, and stablecoin issuance and redemption services under a formal regulatory framework.
The move represents a significant step toward embedding stablecoin infrastructure within the traditional banking oversight system. By seeking a national trust bank charter, Rain would operate under OCC supervision rather than relying solely on state-level money transmitter licenses, a structure that could lend greater institutional credibility to its payments ecosystem ambitions.
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Rain has named Brandon Soto as the proposed President and Chief Executive Officer of the new entity. Soto previously served as Chief Financial Officer of Square Financial Services, the industrial loan company subsidiary of Block, giving him direct experience navigating federal banking regulation within a technology-driven financial services environment.
The application signals broader industry momentum around stablecoin regulation, as legislators and federal agencies move to establish clearer rules for digital-dollar instruments. A federally chartered trust bank focused on stablecoin reserve management could position Rain as infrastructure for other payment firms seeking compliant on- and off-ramps. The OCC has previously granted conditional approvals to other crypto-focused applicants, though the charter process remains rigorous and lengthy.
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