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Rain is seeking a national trust bank charter to bypass third-party banks

Rain has applied to the Office of the Comptroller of the Currency for a limited-purpose national trust bank charter to custody digital assets and U.S. dollars, manage stablecoin reserves, and issue and redeem dollar-backed tokens for institutional clients. The proposed New York trust bank would not take consumer deposits, make commercial loans, offer FDIC-insured accounts, and client assets would be kept separate from the bank’s own holdings. The application is subject to OCC approval and public comment amid legal challenges from community banks over whether the agency can grant such charters to crypto firms.