Rain Seeks OCC's Approval to Create National Trust Bank

Rain, a digital asset company specialising in stablecoin payments, has applied to the Office of the Comptroller of the Currency (OCC) for approval to establish Rain National Trust Bank, which would centralise custody, reserve management, and stablecoin issuance under federal supervision. This move follows similar efforts by companies like Modern Treasury and faces opposition from traditional banking groups like the Independent Community Bankers of America alleging uneven regulatory scrutiny.

This Wire brief sits within Fusion42's coverage of Fintech, and 3 sources have reported it.