Rain, which provides infrastructure for stablecoin payments, has applied to the Office of the Comptroller of the Currency to create a national trust bank.
The proposed Rain National Trust Bank would serve institutional clients in the digital asset payment ecosystem through three lines of business: custody, reserve management, and issuance and redemption.
Brandon Soto would serve as the trust bank’s president and CEO. He was CFO at Coastal Financial in Washington and a former CFO at Square Financial Services.
“The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator,” said Farooq Malik, Rain’s co-founder and CEO, said in a press release. “Rain National Trust Bank is how we plan to meet that expectation. Rain remains a payments platform. The proposed trust bank will be a separate subsidiary that holds client assets in custody, as a fiduciary and subject to OCC examination.”
Rain worked with Paul Hastings in preparing the application.