ME News reports that on October 7 (UTC+8), stablecoin payment company Rain has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, planning to establish Rain National Trust in New York to provide institutional clients with digital asset and USD custody, stablecoin reserve management, and issuance and redemption services for USD-pegged stablecoins. Rain stated that the proposed trust bank will not accept deposits, issue commercial loans, or offer consumer accounts, nor will it provide FDIC deposit insurance. Customer assets will be segregated from the bank’s own assets, and stablecoin reserves will be managed directly by the bank, reducing reliance on third-party banks for asset custody, reserve management, and stablecoin issuance and redemption. Rain’s application joins a wave of cryptocurrency companies seeking national trust bank charters. Previously, companies such as Circle, Ripple, BitGo, and Fidelity have received preliminary approval from the OCC, with Circle obtaining final approval in July this year. However, the application still requires OCC review and a public comment period. Last week, the Independent Community Bankers of America (ICBA) filed a lawsuit against the OCC, challenging its authority to grant national trust bank charters to cryptocurrency firms that do not offer traditional banking services. (Source: BlockBeats)
Rain Applies for OCC National Trust Bank License to Manage Stablecoin Operations
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Summary
Rain, a stablecoin payment company spun off from MetaEra, has filed an application with the OCC for a national trust bank charter to support its stablecoin operations under stricter stablecoin regulations. The proposed Rain National Trust in New York will handle custody, reserve management, and issuance of USD-pegged stablecoins for institutional clients. The bank will not offer consumer accounts or FDIC insurance, and customer assets will be segregated. This move aligns with broader CFT (Countering the Financing of Terrorism) compliance efforts in the crypto sector. Other firms, including Circle and BitGo, have also sought similar charters, but the application remains pending OCC approval and public comment. The ICBA has challenged the OCC’s authority to issue such licenses to non-traditional banks.
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