Rain, a stablecoin payments infrastructure firm, filed an application with the Office of the Comptroller of the Currency (OCC) on October 5, 2026 to create Rain National Trust Bank, based in New York. The proposed national trust bank would offer fiduciary custody of digital assets and US dollars, reserve management for stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients. It would not accept deposits, open consumer accounts, or make commercial loans, with client assets kept separate from the bank’s own assets and no FDIC insurance. Brandon Soto, formerly CFO of Square Financial Services, is slated to lead the institution. The filing came three days after the ICBA sued the OCC over the very rules that enable these charters, a legal challenge that could slow or complicate the approval pipeline.
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