OCC को कानूनी चुनौती का सामना करने के बीच Rain ने स्टेबलकॉइन ट्रस्ट चार्टर के साथ अमेरिकी बैंकिंग में प्रवेश किया

Rain has applied to the Office of the Comptroller of the Currency to establish a new national bank in New York named Rain National Trust Bank, aimed at offering digital asset custody and stablecoin services to institutional clients. While this national bank would operate as a separate legal entity, Rain will maintain its current stablecoin payment platform and continue offering its other services through it.

Should the plans proceed, the trust bank would safeguard and hold U.S. dollar and digital assets for clients, perform reserve and acceptance bank functions for qualifying stablecoin issuers, and issue dollar stablecoins on behalf of others under the proposed GENIUS Act. Client assets would remain segregated from the assets of the trust bank.

Rain Targets Federal Oversight for Stablecoin Infrastructure

Farooq Malik, CEO and co-founder of Rain, noted that clients favor having program-related assets managed by a federal regulator. Rain currently provides stablecoin-related offerings, such as payment services and cards, while its partners utilize stablecoins issued by external providers along with licenses and custodians from state regulators.

Operating differently from a traditional retail bank, the proposed institution will not provide checking accounts, savings accounts, or deposit products to business or individual customers. Rain National Trust Bank will also lack FDIC insurance. Furthermore, Rain indicated that reserve funds held for stablecoin products via Rain National Trust Bank will not be lent out to other entities or utilized as collateral.

Pending OCC approval, Brandon Soto has been selected as president and CEO. Soto’s previous background features roles as CFO of Coastal Financial Corporation and CFO of Square Financial Services, which is a Utah-chartered industrial bank owned by Block.

Similar to other digital asset companies, Rain is pursuing a limited federal charter focused exclusively on custody and stablecoin functions rather than deposit services.

Rain’s OCC Bid Lands in the Middle of a Charter Lawsuit</h2

The submission coincides with ongoing legal action concerning the OCC’s authority to grant trust bank charters. On October 2, the Independent Community Bankers of America initiated a federal lawsuit against Comptroller Jonathan Gould and the OCC, contesting the agency’s authority to allow national trust banks to participate in non-trust activities.

JUST IN: Rain seeks a US trust charter days after the OCC suit over crypto charters; joins a growing line of firms pursuing federal trust status as banks push back on OCC rules. $RAIN pic.twitter.com/uJdOFOMUVb

— Bpay News (@bpaynews) October 6, 2026

The legal challenge targets interpretive letter 1176, the OCC’s March 2026 rule, and the conditional charter approval given to Protego Holdings. The ICBA asserts that the OCC exceeded its legal mandate by sanctioning trust charters for non-fiduciary applications. None of the lawsuit’s claims have been verified by the court.

In response, the OCC maintains that the new rule does not expand its national bank chartering authority. An OCC bulletin issued in February clarified that the regulation simply affirms the authority national trust banks have historically held to engage in non-fiduciary activities alongside fiduciary ones. The rule took effect on April 1, 2026.

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Rain’s application remains subject to an OCC review process and an upcoming public comment period, with no specific timeline announced for a decision. While the application is pending, Rain’s existing wallet, money transfer, and card products will operate as usual, and the new bank cannot commence operations without securing the necessary regulatory clearances.