Stablecoin payment platform Rain applied to OCC to set up a national trust bank

Wu said he learned that Rain, a stablecoin payment platform, had applied to the U.S. Office of the Comptroller of the Currency (OCC) to set up Rain National Trust Bank (RNTB). If approved, RNTB will act as an independent, New York-based, OCC-regulated national trust bank, providing institutional clients with digital assets and USD custody, genius Act compliant stablecoin reserve management, and USD stablecoin issuance and redemption services. RNTB does not accept deposits, does not provide consumer accounts, does not issue commercial loans, and customer custody assets will be segregated from the bank's own assets. Rain itself will continue to operate as a stablecoin payment platform and RNTB will be regulated by OCC as an independent capitalized subsidiary.