Stablecoin payments firm Rain has applied to the Office of the Comptroller of the Currency to set up a national trust bank, Rain National Trust Bank, headquartered in New York, it said on October 5. If approved, the bank would hold digital assets and dollars in custody, manage reserves for GENIUS Act stablecoin issuers and issue and redeem dollar stablecoins, but it would not take deposits, offer consumer accounts or make commercial loans.
Why it matters: Rain is a Visa and Mastercard principal member whose partners run stablecoin card and wallet programmes, and the assets behind those programmes now sit across state licences and third-party custodians and issuers. The charter would bring them under a single federal supervisor, with former Square Financial Services CFO Brandon Soto as proposed CEO.
Source: Rain via PR Newswire, October 5, 2026
Related: TWTWIP week ending 9 October 2026
Image: ajay_suresh, CC BY 2.0, via Wikimedia Commons
