Rain applies to OCC for a national trust bank built around stablecoins

Rain wants a federal bank charter. On October 5, 2026, the enterprise infrastructure provider, which focuses on stablecoin payments, filed an application with the Office of the Comptroller of the Currency (OCC) to create Rain National Trust Bank, or RNTB. The proposed bank would be based in New York. The timing is the interesting part: the filing landed three days after the ICBA sued the OCC over the very rules that make charters like this possible. What Rain is actually asking for If the OCC signs off, RNTB would operate as a national trust bank. The planned business has three main pieces. First, fiduciary custody of digital assets and US dollars. Second, reserve management for stablecoin issuers. Third, the issuance and redemption of US dollar-backed stablecoins for institutional clients. What RNTB would not do matters just as much. It would not take customer deposits, open consumer accounts, or make commercial loans. Client assets would also be kept separate from the bank’s own assets. There is no FDIC insurance in this setup either. The pitch to institutions is federal supervision, not a government backstop on balances. Rain has also picked its proposed leadership. Brandon Soto...