Rain has filed an application to establish a national trust bank headquartered in New York.
The stablecoin payments infrastructure company applied with the Office of the Comptroller of the Currency to establish Rain National Trust Bank.
If approved, the bank would bring custody, reserve management and stablecoin issuance and redemption functions behind Rain partners' programs under a single federal supervisory framework.
Brandon Soto would be chief executive and president of the national trust bank, Rain said.
A national trust bank would allow Rain to expand its offerings to include fiduciary custody of assets under federal supervision, rather than using state licenses and third-party issuers to back its assets.
Rain's national trust bank won't accept deposits or make commercial loans, the company said. Assets held by the bank for clients will be custody assets held for identified owners, not liabilities of the bank.
Reserves backing any stablecoin the bank issues won't be pledged, lent or reused. Rain won't offer consumer accounts and will remain a stablecoin payment platform.
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