New York – October 05, 2026 -- Rain, a stablecoin payments infrastructure provider, has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed federally supervised trust bank headquartered in New York.
RNTB would consolidate custody, reserve management and stablecoin issuance under OCC oversight
If approved, the uninsured national trust bank will provide fiduciary custody of digital assets and US dollars, reserve management for permitted stablecoin issuers, and issuance and redemption of US dollar-backed stablecoins for institutional clients. The entity will not accept deposits, offer consumer accounts, or make commercial loans. Client assets would be segregated from the bank's own holdings and not treated as liabilities, with stablecoin reserves barred from being pledged, lent or reused.
Former Square Financial Services CFO Brandon Soto named proposed President and CEO
Brandon Soto, most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation, has been named proposed President and CEO of RNTB, subject to OCC review. Soto previously served as CFO of Square Financial Services, Inc., Block's Utah-chartered industrial bank, where he helped prepare its charter application approved by the FDIC and the Utah Department of Financial Institutions. He also held CFO and Chief Administrative Officer roles at Green Dot Bank and is a CPA.
Rain's partners currently run stablecoin programs across fragmented state licenses and third-party custodians
Rain CEO and co-founder Farooq Malik said institutions building on Rain's platform want assets behind their programs held by a fiduciary answering to a federal regulator, and that RNTB is designed to meet that expectation as a separately capitalized subsidiary. Rain itself will remain a stablecoin payments platform and Visa and Mastercard Principal Member through its other subsidiaries, unaffected by the trust bank application.
Reserve management function would operate under the GENIUS Act framework
RNTB's reserve management line would hold and administer reserves for permitted stablecoin issuers in accordance with the GENIUS Act, while its issuance and redemption function would allow it to act as issuer of record for US dollar-backed stablecoins.
OCC review includes a public comment period before any approval
The application is subject to OCC review, with the public portion to be posted on the OCC's website. RNTB can begin operations only after receiving all required approvals. Rain worked with law firm Paul Hastings in preparing the application.