The proposed New York trust bank aims to manage digital assets and stablecoin reserves while issuing dollar-backed tokens.
By Olivier Acuna|Edited by Jamie CrawleyOct 7, 2026, 5:09 a.m. EDT2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShow- Rain has submitted an application to the Office of the Comptroller of the Currency (OCC) for a charter to establish a national trust bank, which would provide custody for digital assets and dollars while managing stablecoin reserves and their issuance and redemption for institutional clients.
- The proposed bank will not accept traditional deposits, provide commercial loans, or offer consumer accounts, nor will it have FDIC insurance; client assets will be kept separate from the bank's own funds.
- This application is subject to regulatory scrutiny and public feedback, as community banks are contesting the OCC’s authority to grant trust charters to crypto firms that do not engage in typical banking activities.
Rain, a stablecoin payment platform, is the most recent cryptocurrency entity to pursue a trust bank charter from the OCC, joining an increasing number of firms aiming to operate custody and stablecoin services under federal regulation.
The envisioned Rain National Trust bank, based in New York, would offer fiduciary custody for both digital assets and U.S. dollars, oversee reserves for approved stablecoin issuers, and facilitate the issuance and redemption of dollar-backed stablecoins for institutional customers.
This move is part of a growing trend among firms seeking limited-purpose national trust bank charters. Notable companies such as Circle, Ripple, BitGo, and Fidelity received initial approvals from the OCC in December. Circle achieved final approval to operate its own federal trust bank in New York this past July.
National trust banks are allowed to provide custody and fiduciary services but are not permitted to accept consumer deposits or offer loans like traditional banks.
By establishing its own trust bank, Rain aims to reduce reliance on third parties for holding customer assets, managing stablecoin reserves, and handling their issuance and redemption. The proposed bank will not take deposits, grant commercial loans, or provide consumer accounts, and it will lack FDIC insurance.
According to Rain, client assets would be distinctly separated from the bank’s own holdings, and stablecoin reserves could be utilized in various ways, such as being lent or pledged.
The OCC charter initiative has faced pushback from conventional banks across the U.S. The Independent Community Bankers of America (ICBA) recently filed a lawsuit against the OCC, asserting that the agency does not have the authority to issue national trust charters to crypto firms lacking traditional banking services. The ICBA argues that this arrangement grants crypto companies banking privileges without the accompanying responsibilities faced by traditional lenders.
Rain’s application is pending approval from the OCC and will undergo a public-comment period.
banksLatest Crypto News- 1Robinhood adds bitcoin worth $25 million to its balance sheet1 hour ago
- 2Down but not out. Bitcoin's stair-step bullish trajectory is still intact2 hours ago
- 3U.S. government moves over $100 million in BTC and BNB. A sale hasn't been confirmed4 hours ago
- 4Pudgy Penguins’ Abstract becomes second Ethereum layer 2 to shut in a week5 hours ago
- 5Cardano gives token issuers power to freeze, seize and restrict assets5 hours ago
- 6Bitcoin dips below $84,000 as oil jumps on Iranian tanker attacks6 hours ago
- 7Peter Thiel-backed Founders Fund leads a $5 million token buy in crypto collateral protocol Anvil17 hours ago
- 8Crypto is expanding the boundaries of what can be priced17 hours ago
- 9OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots18 hours ago
- 10Arbitrum joins Paxos-led stablecoin group Global Dollar to capture digital dollar growth20 hours ago
The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
By CoinDesk ResearchSep 15, 2026Commissioned byRippleAs stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
View Full ReportMore From Finance