Rain Files Application With the OCC to Establish Rain National Trust Bank

Proposed national trust bank will bring custody, stablecoin reserve management, and stablecoin issuance and redemption for the payments ecosystem under federal supervision

Former Square Financial Services CFO Brandon Soto named proposed President and CEO

Key facts

• Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York.
• If approved, Rain 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.
• Rain National Trust Bank will not accept deposits, offer consumer accounts, or make commercial loans.
• Brandon Soto, former Chief Financial Officer of Square Financial Services and most recently Chief Financial Officer of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.

NEW YORK, Oct. 5, 2026 /PRNewswire/ -- Rain, the enterprise-grade infrastructure for stablecoin payments, announced today that it has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), a proposed national trust bank headquartered in New York. If approved, RNTB will bring the custody, reserve management, and stablecoin issuance and redemption functions behind Rain partners' programs under a single federal supervisory framework. Rain also announced that Brandon Soto will serve as RNTB's proposed President and Chief Executive Officer.

Rain's partners run stablecoin card, wallet, and money movement programs for millions of end users. Today the assets behind those programs sit across state licenses, third-party custodians, and third-party stablecoin issuers. A national trust bank will allow Rain to expand its offerings to include fiduciary custody of assets under OCC supervision and examination, and to issue and redeem stablecoins.

"The institutions building on Rain want the assets behind their programs held by a fiduciary that answers to a federal regulator," said Farooq Malik, CEO and co-founder of Rain. "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."

What Rain National Trust Bank will do

If approved, RNTB will serve institutional clients in the digital asset payment ecosystem through three lines of business:

• Custody: Safeguard approved digital and fiat assets as a fiduciary, with client assets segregated from the proposed bank's own assets.
• Reserve management: Hold and administer reserves for permitted stablecoin issuers under the GENIUS Act.
• Issuance and redemption: Issue US dollar-backed stablecoins as issuer of record in accordance with the GENIUS Act.

What Rain National Trust Bank will not do

If approved, as an uninsured national trust bank, RNTB will not accept deposits and will not make commercial loans. Assets held by RNTB for clients will be custody assets held for identified owners, not liabilities of the bank, and the reserves backing any stablecoin RNTB issues will not be pledged, lent, or reused. RNTB will not offer consumer accounts. Rain is not a bank and will remain a stablecoin payments platform and a Visa and Mastercard Principal Member through its other subsidiaries; RNTB will be a separately capitalized subsidiary supervised and examined by the OCC.

Leadership

Brandon Soto will serve as proposed President and Chief Executive Officer of RNTB, subject to OCC review. Soto was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation. Before that he was Chief Financial Officer of Square Financial Services, Inc., Block's Utah-chartered industrial bank, where he helped prepare the charter application approved by the FDIC and the Utah Department of Financial Institutions and led finance, treasury, and capital management. Earlier he served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank.

"A trust bank's first job is simple. Know what you hold, know who you hold it for, and keep it safe," said Soto. "I have sat across from bank examiners for twenty years, and the best answer you can give is, 'Here's the reconciliation.' That is the discipline we are building into the proposed national trust bank from day one. Clear ownership, daily reconciliation, strong controls, and the right level of capital."

What happens next

The application is subject to OCC review and approval, including a public comment period. The public portion of the application will be available on the OCC's website at occ.gov. Rain leadership and RNTB's organizers recognize the responsibility that comes with seeking a national trust bank charter and will work diligently with the OCC throughout the process.

Rain worked with Paul Hastings in preparing the application.

Frequently Asked Questions

Question: What is Rain National Trust Bank?
Answer: Rain National Trust Bank (RNTB) is a proposed national trust bank. Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish it. If approved, RNTB will be a separately capitalized subsidiary of Rain, headquartered in New York, supervised and examined by the OCC, and limited to the operations of an uninsured trust bank, including: 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. RNTB has not yet been approved and will only begin operations after receiving all required OCC approvals.

Question: Is Rain becoming a bank?
Answer: Rain is applying to establish a separate, limited-purpose trust bank subsidiary. Rain itself remains a stablecoin payments platform and a Visa and Mastercard Principal Member, and that does not change. Rain National Trust Bank will be a separately capitalized subsidiary of Rain with a limited purpose: holding client assets as a fiduciary, managing stablecoin reserves, and issuing and redeeming stablecoins, all under OCC supervision. Rain National Trust Bank will be an uninsured trust bank and will not accept deposits and will not make commercial loans.

Question: Will Rain National Trust Bank be FDIC insured?
Answer: No. Rain National Trust Bank will not accept deposits and will not be FDIC insured. Assets held by Rain National Trust Bank for clients will be custody assets held for identified owners, segregated from RNTB's own assets, not liabilities of RNTB.

Question: What will Rain National Trust Bank do?
Answer: If approved, Rain National Trust Bank will operate three lines of business for institutional clients. Custody: safekeeping of approved digital and fiat assets as a fiduciary. Reserve management: custody and administration of reserves for permitted stablecoin issuers under the GENIUS Act. Issuance and redemption: issuing US dollar-backed stablecoins as issuer of record.

Question: Who is the proposed President and CEO of Rain National Trust Bank?
Answer: Brandon Soto is the proposed President and Chief Executive Officer of Rain National Trust Bank. He was most recently Executive Vice President and Chief Financial Officer of Coastal Financial Corporation, and previously Chief Financial Officer of Square Financial Services, Inc., Block's Utah-chartered industrial bank, where he helped prepare the bank's charter application and led finance, treasury, and capital management. He earlier served as Chief Financial Officer and Chief Administrative Officer of Green Dot Bank. He is a CPA.

Question: Does this change Rain's card programs or partnerships?
Answer: No. Rain's card, wallet, and money movement programs continue as they operate today, and Rain continues to work with its existing partners. Rain National Trust Bank is a multi-year initiative that, if approved, will add a federally supervised option for custody, reserve management, and stablecoin issuance and redemption alongside the infrastructure Rain and its partners use today.

Question: When will the OCC decide on Rain National Trust Bank?
Answer: The OCC's review follows its own process and timeline, which includes a public comment period. The public portion of the application will be available on the OCC's website over the coming days, and Rain National Trust Bank can begin operations only after receiving all required approvals.

About Rain

Rain is the global stablecoin payments platform for enterprises, neobanks, platforms, developers, and AI agents. Our technology allows partners to move, store, and use stablecoins instantly and compliantly through global payment cards, rewards, on/offramps, stablecoin and fiat wallets, and cross-border rails. As both a Visa and Mastercard Principal Member, Rain issues cards that work at more than 175 million merchant locations in over 200 countries and territories. Built natively for stablecoins and trusted by more than 100 organizations worldwide, Rain delivers secure, scalable infrastructure that makes money move freely and instantly around the world. Learn more at https://www.rain.xyz/.

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SOURCE Rain