The firms join a growing list of fintech companies looking to get into the folds of federal regulation, days after a trade group sued the OCC over trust charters.

If approved, Modern Treasury National Trust Bank would give customers a “unified custody solution” of both fiat and digital assets that combines with the firm’s payments and settlement capabilities.

Although founder and CEO Matt Marcus said in a LinkedIn post Monday that stablecoins “are becoming foundational to global money movement,” the proposed bank would not issue its own.

Rain National Trust Bank, however, does plan to issue stablecoins in accordance with the Genius Act; and to hold and administer reserves for other Genius-permitted stablecoin issuers, as well as custodying both fiat and digital assets, the company said in its release.

Farooq Malik, CEO and co-founder of Rain, said in a prepared statement Monday that the firms using Rain to build out their stablecoin infrastructure “want the assets behind their programs held by a fiduciary that answers to a federal regulator." Starting the trust bank is Rain’s answer to customers, he said.

Monday’s trust charter applications are the first to be submitted to the OCC after the agency was sued by trade group Independent Community Bankers of America, which takes particular issue with cryptocurrency firms obtaining such charters.

The OCC has approved or conditionally approved 21 national trust bank charters since President Donald Trump started his second term, according to the lawsuit, which alleged that the national trust bank designation permits firms to preempt state law requirements and avoid federal requirements for depository institutions.

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