Rain is seeking a national trust bank charter to bypass third-party banks
The stablecoin payments company’s proposed New York trust bank would custody digital assets and dollars, manage stablecoin reserves and issue and redeem dollar-backed tokens.
Make preferred on
Share this article
Summary
- Rain has applied for an Office of the Comptroller of the Currency charter to create a national trust bank that would custody digital assets and dollars and manage stablecoin reserves, issuance and redemptions for institutional clients.
- The proposed bank would not accept deposits, make commercial loans, offer consumer accounts or carry FDIC insurance, and Rain said client assets would be segregated from the bank’s own holdings.
- The application, which is subject to regulatory approval and public comment, comes as community banks challenge the OCC’s authority to grant trust charters to crypto companies that do not provide traditional banking services.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
