Rain, a stablecoin payments company, has applied for approval to establish a national trust bank in New York, seeking to bring custody, reserve management and stablecoin issuance under its own federally supervised structure.
According to CoinDesk, the proposed Rain National Trust bank would apply for a charter from the Office of the Comptroller of the Currency, or OCC. If approved, the institution would hold digital assets and U.S. dollars for institutional clients, administer reserves for permitted stablecoin issuers, and issue and redeem dollar-backed tokens.
The application comes as cryptocurrency companies pursue limited-purpose national trust-bank charters. Unlike a conventional commercial bank, a trust bank can provide custody and fiduciary services without taking ordinary customer deposits or extending commercial loans.
What Rain’s proposed bank would do
Rain said the proposed New York subsidiary would provide fiduciary custody for both digital assets and dollars. It would also support the operational side of stablecoins: holding reserves, issuing tokens and processing redemptions for institutional customers.
A stablecoin is a digital token designed to maintain a stable value relative to an asset such as the U.S. dollar. Issuers generally need arrangements for holding the assets intended to support those tokens and for exchanging tokens back into dollars when customers seek redemptions. Rain’s application would place those functions within its proposed trust-bank structure, subject to regulatory approval.
The company said client assets would be kept separate from the bank’s own holdings. The source material also states that stablecoin reserves held by the proposed bank would be lent, pledged or reused.
The proposed institution would not operate as a full-service retail or commercial bank. Rain said it would not:
- Accept deposits
- Make commercial loans
- Offer consumer accounts
- Carry Federal Deposit Insurance Corporation insurance
That limited mandate is central to the trust-bank model. It would allow Rain to perform custody and stablecoin-related services while avoiding several activities associated with traditional deposit-taking banks.
A growing push for federal trust charters
Rain’s filing joins a wider effort by crypto businesses to obtain national trust-bank charters and reduce their reliance on outside banks for key parts of their operations. A charter could allow a company to hold customers’ assets, manage stablecoin reserves and oversee token issuance and redemption itself, rather than using separate third-party institutions for those functions.
Circle, Ripple, BitGo and Fidelity were among five crypto companies that received initial OCC approvals in December, according to the source material. Circle later received final OCC approval in late July to operate its own federal trust bank in New York.
The applications reflect the growing intersection between digital-asset businesses and regulated financial infrastructure. For companies handling stablecoins, custody and reserve administration are core operational functions. A national trust-bank charter would place those activities within a framework overseen by the OCC, although it would not give the institution all the powers or protections of a conventional commercial bank.
Regulatory challenge remains
Rain’s application is not yet approved. It must go through OCC review and a public-comment period before the proposed bank can begin operating under the charter.
The application also arrives amid a dispute over whether the OCC has the authority to grant national trust charters to crypto companies that do not provide traditional banking services. The Independent Community Bankers of America sued the OCC last week, arguing that the regulator lacks authority to charter such firms when they do not offer conventional banking activities.
The community-bank group has argued that this structure gives crypto companies access to banking privileges without imposing the same obligations faced by traditional lenders. The challenge adds a legal and regulatory dimension to Rain’s application and to similar charter requests from other digital-asset companies.
For Rain, approval would mean bringing custody of digital assets and dollars, stablecoin reserve management, and issuance and redemption services into a proposed federal trust-bank subsidiary. Until regulators complete their review and public comments are considered, however, the company’s planned structure remains subject to approval.
Current market picture
Moneyiar market data at 09:59 on October 7, 2026, showed the following prices and performance:
- STABLE: $0.0276231953, down 1.63% over 24 hours and 3.41% over seven days.
- Ethereum Name Service (ENS): $6.4546676114, down 6.17% over 24 hours and 8.19% over seven days.
- Compound (COMP): $23.3132278632, down 4.46% over 24 hours and 8.16% over seven days.
- Decentraland (MANA): $0.1023512408, down 0.12% over 24 hours but up 12.21% over seven days.
