According to Cointelegraph, stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. If approved, the bank would be authorized to provide custodial services for digital assets and U.S. dollars for institutional clients, manage reserve assets for eligible stablecoin issuers, and issue and redeem U.S. dollar-backed stablecoins under the GENIUS Act. Rain’s application comes amid legal challenges by U.S. community banks against the crypto trust bank charter. The Independent Community Bankers of America (ICBA) recently sued the OCC, seeking to overturn the charter rules and prevent the OCC from approving additional national trust banks under this framework.
Stablecoin payment company Rain applies for a U.S. national trust bank license.
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Summary
Stablecoin regulation is advancing rapidly as Rain, a stablecoin payment provider, applies to the OCC for a U.S. National Trust Bank license to establish Rain National Trust Bank in New York. The proposed bank aims to provide custodial services for digital assets and USD to institutional clients, manage reserves for stablecoin issuers, and issue stablecoins under the GENIUS Act. The CFT framework may influence compliance requirements. The application faces a legal challenge from the ICBA, which urges the OCC to halt new licenses under the current framework.
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