Stablecoin payments provider Rain has applied to the Office of the Comptroller of the Currency to establish Rain National Trust Bank, a proposed New York-based subsidiary. The application is pending; the institution can begin operating only after receiving all required approvals.

If approved, the separately capitalized bank would provide fiduciary custody of digital assets and U.S. dollars, administer reserves for permitted stablecoin issuers, and issue and redeem dollar-backed stablecoins for institutional clients. Rain says the reserve-management and issuance activities would operate under the GENIUS Act.

The proposal is not a move into ordinary retail banking. The trust bank would not accept deposits, offer consumer accounts, make commercial loans, or carry FDIC insurance. Rain says client custody assets would remain segregated from the bank’s own assets, and reserves backing stablecoins it issues would not be pledged, lent, or reused.

Rain named Brandon Soto as proposed president and chief executive, subject to OCC review. Soto previously served as chief financial officer of Square Financial Services and most recently held that role at Coastal Financial Corporation.

For payment-platform customers, the potential change is where assets and reserves are held. Rain says its partners currently depend on a combination of state licenses, outside custodians, and third-party stablecoin issuers. The proposed subsidiary would add a federally supervised option within the group.

Existing card, wallet, and money-movement programs remain unchanged. Rain describes the bank as a multi-year initiative, with OCC review and a public-comment period still ahead. The filing establishes a regulatory application, not an approved bank or an immediate launch of new services.