The news
Stablecoin payments company Rain filed an application with the Office of the Comptroller of the Currency (OCC) on October 5, 2026 to establish Rain National Trust Bank, a federally chartered trust bank headquartered in New York, according to Crypto.news. The OCC is the federal regulator that charters national banks.
The proposed bank would have three jobs, according to Crypto Briefing and Crypto.news: fiduciary custody of digital assets and US dollars, managing reserves for permitted stablecoin issuers, and issuing and redeeming dollar-backed stablecoins under the GENIUS Act, the 2025 federal stablecoin law. It would be a separately capitalized subsidiary supervised by the OCC.
Rain stressed what the bank would not do. It would not take deposits, offer consumer checking or savings accounts, make commercial loans or carry FDIC insurance, Crypto.news reported. Client assets would be segregated from the bank's own, and Crypto Briefing reported that stablecoin reserves could not be pledged, lent or reused. Rain's payments platform, which works with Visa and Mastercard, would run separately.
Rain named Brandon Soto as proposed president and CEO, subject to OCC approval. Crypto Briefing describes Soto as chief financial officer of Coastal Financial Corporation and a former CFO of Square Financial Services, Block's Utah-chartered industrial bank. Crypto.news reported that Rain has hired law firm Paul Hastings.
The application is pending. The OCC can approve it, approve it with conditions or reject it.
The numbers
- Application filed
- October 5, 2026
- ICBA lawsuit against OCC filed
- October 2, 2026
- Proposed headquarters
- New York
Why CEOs should care
For corporate treasurers and payments leaders, the charter race matters because it changes who can hold your stablecoin reserves and custody your digital assets. A federally supervised trust bank offers a clearer regulatory perimeter than a state money transmitter. If your company is piloting stablecoin payouts or settlement, ask providers where reserves sit, whether they are segregated, and which regulator examines the custodian.
For bank CFOs and boards, Rain's filing is another sign that crypto firms want bank-like status without taking deposits. Community banks see that as competition that escapes the full rulebook. The Independent Community Bankers of America (ICBA) sued the OCC on October 2, 2026, arguing the agency has far exceeded its chartering powers by approving trust banks that do non-fiduciary work, Crypto.news reported. The outcome of that case could decide whether charters like Rain's survive.
For compliance and risk teams, the practical point is timing. Charters can take many months, and the litigation adds uncertainty. Do not build plans that depend on any applicant receiving approval on a fixed schedule.
The bigger picture
Rain joins a line of crypto firms seeking OCC trust charters. Circle received final OCC approval for its national trust bank in July, while Agora and Zerohash remain at earlier stages, according to Crypto.news. The OCC has said its March 2026 rule only clarifies existing authority rather than expanding it, a position the ICBA disputes in court.
What’s next
Watch for the OCC's public comment period on Rain's application, any court ruling in the ICBA case, and whether more stablecoin issuers file before that ruling arrives.
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