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FollowingRain, a stablecoin payment infrastructure provider, applies to establish the National Trust Bank of New York
Rain, a stablecoin payment infrastructure provider, has submitted an application to establish a national trust bank in New York. The move follows a wave of cryptocurrency companies seeking banking licenses over the past year.
Rain said on Monday that it had submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a "Rain National Trust Bank." If approved, the bank will provide fiduciary custody services for digital assets and U.S. dollars to institutional customers, provide reserve management services to authorized stablecoin issuers, and issue and redeem U.S. dollar-backed stablecoins under the GENIUS Act.
Brandon Soto, former CFO of Square Financial Services, will serve as president and CEO of the proposed national trust bank after passing OCC review.
Farooq Malik, CEO and co-founder of Rain, said: "Institutions building businesses on the Rain platform want a trustee who is accountable to federal regulators to hold the assets behind their projects."
Rain is not the only crypto and payments company seeking a National Trust Bank license. Payment infrastructure company Modern Treasury also announced on Monday that it has submitted an application seeking approval to provide digital asset custody and related fiat tender services.
Community banks challenge OCC rules on crypto trust licenses
However, this trend has sparked opposition from community banks. On Friday, the Independent Community Bankers Association (ICBA) filed a lawsuit against the OCC, accusing regulators of exceeding their authority by allowing non-deposit trust banks to conduct extensive untrusted operations.
The lawsuit was filed in the U.S. District Court for the District of Colombia, and the defendants included the OCC and Jonathan Gould, the Comptroller of the Currency.
ICBA argued that the "Final Rules for National Banking Licensing" issued by the OCC and its Interpretative Letter No. 1176 of 2021 "absurdly allow entities engaged in high-risk cryptocurrency and digital asset activities to enter the banking system as light regulatory national charters, rather than traditional bank charters subject to stricter regulation."
ICBA pointed out that the framework allows crypto trust banks to provide services overlapping with community banks without having to bear the same regulatory obligations, thereby gaining a competitive advantage. In addition, the group alleges that consumers may misunderstand the term "national bank" as a guarantee that its assets are protected by federal insurance.
The association asked the court to revoke the OCC's March 2026 concession rules and its 2021 explanatory letter, and to prevent further approval of concession licenses based on these provisions.
On Monday, the Crypto Council for Innovation said the lawsuit was an attempt to curb innovation.
Based on the ICBA complaint, the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies.
