Rain, a stablecoin payments infrastructure provider, has filed an application with the OCC to establish Rain National Trust Bank in New York. If approved, the national trust bank would provide fiduciary custody of digital assets and US dollars for institutional clients, offer reserve management for permitted stablecoin issuers, and issue and redeem dollar-backed stablecoins in accordance with the GENIUS Act. However, the Independent Community Bankers of America has sued the OCC, arguing the regulator exceeded its authority by allowing non-depository trust banks to conduct extensive non-fiduciary activities. The OCC has approved or conditionally approved at least 21 trust banks, including 13 crypto companies.
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