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Rain applies for a US national trust bank charter with OCC
Rain’s filing with the OCC follows a separate legal challenge by community banks to OCC crypto charter rules, and would allow fiduciary custody and reserve management tied to digital assets and stablecoins if approved.
Rain has filed an application with the US Office of the Comptroller of the Currency for a national trust bank, to be headquartered in New York, according to Cointelegraph.
Cointelegraph reports that Rain is seeking approval to establish Rain National Trust Bank and that, if granted, the institution would be able to provide fiduciary custody of digital assets and US dollars for institutional clients.
The outlet also notes that the proposed trust bank would handle reserve management for permitted stablecoin issuers and issue and redeem dollars, as part of its planned services.
Cointelegraph says Rain’s move comes as other crypto firms pursue federal trust bank charters, while community banks have asked a court to overturn OCC rules that underpin these charters.