Stablecoin payments company Rain has applied to the Office of the Comptroller of the Currency to establish Rain National Trust Bank in New York. The company announced the application on October 5. Approval remains pending.
The proposed subsidiary would offer institutional custody of digital assets and US dollars, manage reserves for permitted stablecoin issuers, and issue and redeem dollar-backed stablecoins. Client holdings would be kept separate from the bank’s own assets.
Rain is seeking a limited-purpose, uninsured trust bank charter. The bank would not accept deposits, offer consumer accounts or make commercial loans. Reserves backing its stablecoins would not be pledged, lent or reused.
The application faces OCC review and a public comment period before operations can begin. Former Square Financial Services CFO Brandon Soto would lead it. Rain’s existing card, wallet and money-transfer programs would continue, with the trust bank established as a separately capitalized subsidiary.
The filing follows Rain’s August launch of the Agentic Payments Alliance, previously covered by CoinScreamer. That coalition brought together Visa, Mastercard, Circle and other companies to develop standards for AI-driven commerce, including payment authorization, identity checks and security.
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