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Rain Files Application With the OCC to Establish Rain National Trust Bank

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Rain Files Application With the OCC to Establish Rain National Trust Bank

Rain, the enterprise-grade infrastructure for stablecoin payments, announced that it has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York. If approved, RNTB will bring the custody, reserve management, and stablecoin issuance and redemption functions behind Rain partners’ programs under a single federal supervisory framework. Rain also announced that Brandon Soto will serve as RNTB’s proposed President and Chief Executive Officer.

Rain’s partners run stablecoin card, wallet, and money movement programs for millions of end users. Today the assets behind those programs sit across state licenses, third-party custodians, and third-party stablecoin issuers. A national trust bank will allow Rain to expand its offerings to include fiduciary custody of assets under OCC supervision and examination, and to issue and redeem stablecoins.

“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” said Farooq Malik, CEO and co-founder of Rain. “Rain National Trust Bank is how we plan to meet that expectation. Rain remains a payments platform. The proposed trust bank will be a separate subsidiary that holds client assets in custody, as a fiduciary and subject to OCC examination.”

If approved, RNTB will serve institutional clients in the digital asset payment ecosystem through three lines of business:

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If approved, as an uninsured national trust bank, RNTB will not accept deposits and will not make commercial loans.


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