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Stablecoin infrastructure provider Rain has applied to the Office of the Comptroller of the Currency to form Rain National Trust Bank in New York, seeking authority to custody digital assets and US dollars, manage reserves for stablecoin issuers, and issue and redeem dollar-backed stablecoins under the GENIUS Act. The move comes as other crypto and payments firms — including Modern Treasury — pursue national trust charters even while the Independent Community Bankers of America is suing the OCC to overturn rules that enable such charters.
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