Rain seeks OCC national trust bank charter for stablecoin operations
Stablecoin payments firm Rain has applied to the Office of the Comptroller of the Currency to establish a New York-based national trust bank.
Stablecoin payments firm Rain has applied to the Office of the Comptroller of the Currency to establish a national trust bank, according to reports by The Block and Cointelegraph. The proposed entity, named Rain National Trust Bank, would be headquartered in New York and aims to handle digital asset custody, reserve management, and stablecoin issuance and redemption under federal oversight.[7][4][1][6]
If approved, the charter would allow the institution to custody digital assets and U.S. dollars while issuing dollar-backed tokens, enabling Rain to bypass third-party banks, CoinDesk reported. The proposed entity would operate strictly as a trust bank and would not accept deposits or issue commercial loans.[5][7][4]
The filing comes during renewed pushback against federal crypto banking frameworks. Cointelegraph reported that the application follows community banks asking a court to overturn the OCC regulations that govern crypto trust charters, introducing legal hurdles that could affect approval.[2][3][5]
Key facts
- Rain applied to the OCC to establish a national trust bank named Rain National Trust Bank.
- If approved, Rain National Trust Bank would be headquartered in New York.
- The proposed trust bank would manage stablecoin reserves, custody digital assets and dollars, and issue and redeem dollar-backed tokens.
- The proposed trust bank would not accept customer deposits or make commercial loans.
- CoinDesk reported that Rain is seeking the charter to bypass third-party banks.
- The application comes after community banks asked a court to overturn OCC rules that underpin crypto trust charters.
Sources · 7 sources
- TW
The Wolf Of All Streets@scottmelkerPost on X ·
RAIN FILES FOR OCC NATIONAL TRUST BANK CHARTER TO ISSUE STABLECOINS AND HOLD DIGITAL ASSETS AND RESERVES UNDER FEDERAL OVERSIGHT
Open source - CT
Coin TelegraphArticle ·
Rain seeks US trust bank charter days after OCC sued over crypto charters Rain joins a growing queue of crypto firms seeking federal trust charters, while community banks have just asked a court to overturn the OCC rules underpinning them.
Open source - CB
Crypto BriefingArticle ·
Rain applies for national trust bank to expand stablecoin services Rain's move could redefine stablecoin trust, enhancing credibility and regulatory oversight, but faces legal hurdles that may impact approval. The post Rain applies for national trust bank to expand stablecoin services appeared first on Crypto Briefing .
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Rain files with OCC to launch a national trust bank for digital assets The proposed Rain National Trust Bank would be based in New York and focus on crypto custody, reserve management, and stablecoin issuance and redemption without taking deposits or making commercial loans.
Open source - CO
CoindeskArticle ·
Rain is seeking a national trust bank charter to bypass third-party banks The stablecoin payments company’s proposed New York trust bank would custody digital assets and dollars, manage stablecoin reserves and issue and redeem dollar-backed tokens.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇺🇸 UPDATE: Rain files for a US national trust bank charter to offer digital asset custody, stablecoin reserve and issuance. https://t.co/1ldVLJBnR7
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Stablecoin payments firm Rain has applied to the OCC to establish a national trust bank for digital asset custody, reserve management, and stablecoin issuance and redemption. If approved, Rain National Trust Bank would be headquartered in New York and would not accept deposits or make commercial loans.
Open source