Rain seeks OCC charter for national trust bank
Share
- Rain has applied to establish Rain National Trust Bank under OCC supervision.
- The proposed bank would provide custody, stablecoin reserve management and issuance services.
- Former Square Financial Services CFO Brandon Soto would become proposed president and CEO.
Rain has applied to establish Rain National Trust Bank, a proposed national trust bank in New York.
If approved, the bank would provide digital asset and US dollar custody under OCC supervision.
“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” Rain CEO and co-founder Farooq Malik said in a statement.
The proposed bank would also manage reserves for permitted stablecoin issuers under the GENIUS Act.
“A trust bank's first job is simple,” proposed Rain National Trust Bank President and CEO Brandon Soto said in a statement.
Soto would lead the proposed bank after serving as CFO of Square Financial Services and Coastal Financial Corporation.
Rain would keep its payments platform separate while the proposed bank operates as a distinct subsidiary.
The application remains subject to OCC review, public comment and required regulatory approvals before operations can begin.
