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Rain Seeks OCC’s Approval to Create National Trust Bank

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Rain Seeks OCC’s Approval to Create National Trust Bank

Rain is the latest digital asset company seeking to launch a national trust bank.

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The stablecoin payments infrastructure company announced Monday (Oct. 5) that it has applied to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB).

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 said in a news release.

The release noted that Rain’s partners offer stablecoin card, wallet, and money movement programs whose assets sit across state licenses and third-party custodians/stablecoin issuers. By establishing a bank, Rain says it can expand its offerings to include fiduciary custody of assets under OCC supervision and examination, as well as stablecoins issuance/redemption.

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“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” said Farooq Malik, Rain’s co-founder and CEO. “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.”

The news comes one day after money movement infrastructure company Modern Treasury announced its plans to seek OCC approval to become a national trust bank.


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