Rain, a stablecoin payments company, said on October 5, 2026, that it has applied to the Office of the Comptroller of the Currency to establish Rain National Trust Bank, a proposed New York institution. The application has not been approved, and the company's announcement did not include an OCC filing number or a transaction amount.
If approved, the trust bank would consolidate custody, stablecoin reserve management, and issuance and redemption under one federal supervisor. The proposed bank would be a separately capitalized Rain subsidiary, not a conversion of the existing payments company.
Three lines of business under one federal roof
Rain intends for the trust bank to serve institutional clients through three activities: safeguarding approved digital assets and US dollars as a fiduciary; holding and administering reserves for permitted stablecoin issuers under the GENIUS Act; and issuing and redeeming US dollar-backed stablecoins as issuer of record. Each of those activities remains conditional on OCC approval.
The company says assets supporting its partners' card, wallet, and money movement programs currently sit across state licenses, third-party custodians, and third-party stablecoin issuers. Those partners serve millions of end users. A federal trust subsidiary would give Rain's programs another option for holding assets, administering reserves, and handling issuance and redemption within the same corporate group.
Rain would remain a stablecoin payments platform and a principal member of both Visa and Mastercard. The filing does not change its existing card, wallet, or money movement programs today. Those programs will continue with their current partners while the OCC reviews the application.
What the trust bank would not do
Rain National Trust Bank would be an uninsured, limited-purpose trust bank. It would not accept deposits, offer consumer accounts, or make commercial loans, and it would not have FDIC insurance.
Client assets would be custody property held for identified owners rather than liabilities of the trust bank. Rain says those assets would be segregated from the subsidiary's own assets. Reserves behind any stablecoin issued by the trust bank would not be pledged, lent, or reused.
The release does not identify the approved digital assets the bank would custody, the permitted issuers whose reserves it would administer, or the stablecoins it might issue. It also does not describe redemption windows or how reserve assets would be reported.
Leadership and the path to a charter
Rain named Brandon Soto as the proposed president and CEO of the trust bank, subject to OCC review. Soto most recently served as executive vice president and chief financial officer of Coastal Financial Corporation. Before that, he was chief financial officer of Square Financial Services, Block's Utah-chartered industrial bank. Rain says Soto helped prepare Square Financial Services' bank charter application and later led finance, treasury, and capital management there.
Farooq Malik, Rain's co-founder and CEO, said institutions using the platform want program assets held by a fiduciary that answers to a federal regulator. He described the proposed bank as a separate subsidiary that would hold client assets in custody and undergo OCC examination.
Multi-year plan, no migration rules yet
Rain describes the trust bank as a multi-year initiative that would add a federally supervised option alongside its current infrastructure. The release does not set service-level terms, migration rules, eligible asset lists, or procedures for moving custody to another provider.
For now, the application sits with the OCC. No timeline for a decision was provided, and the company has not said when it expects the review to conclude.
