Rain applies for a trust bank charter and launches a stablecoin wallet
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AI-assisted source synthesis · not an independent investigation.
On October 7, 2026, PYMNTS reported that Rain had applied to the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank (RNTB), proposing to bring custody of partner-program assets, stablecoin reserve management, and stablecoin issuance and redemption under federal supervision. If approved, RNTB would operate as an independent subsidiary supervised by the OCC, while Rain would remain a payments platform. That same day, CoinDesk reported that the proposed bank would custody digital assets and dollars for institutional clients through a New York subsidiary, manage stablecoin reserves, and provide dollar stablecoin issuance and redemption services. It would not accept deposits, make commercial loans, provide consumer accounts, or have FDIC insurance, and client assets would be segregated from the bank’s own assets. The application is still pending OCC approval and public comment, and has faced opposition from traditional banking groups; the ICBA has sued the OCC over related charter-review issues. On October 13, Banking Dive and Payments Dive reported that Rain had launched a non-custodial digital wallet for stablecoin balances, with card issuance supported by Rain, and planned to offer a custodial wallet by year-end.
AI-written from reports · updated 6 days ago
Developments
- Oct 13 23:57 · 2 reportsStablecoin startups accelerate their expansion into payments, Rain launches a wallet, and MassPay integrates with Cash AppBanking Dive：Rain, MassPay and other stablecoin startups advance payment applications
- Oct 7 01:36 · 2 reportsRain applies to establish a national trust bankCoinDesk：Rain applies for OCC national trust bank charter to custody digital assets and manage stablecoin reserves
Timeline
Follow the reporting to see the different sides of the story.
- Banking DiveSelectedRain, MassPay and other stablecoin startups advance payment applications
Stablecoin startups including Rain and MassPay are bringing digital assets into everyday payments, using connections to traditional payment rails, real-time payment systems and mobile wallets to facilitate sending and receiving funds. Rain launched a digital wallet for stablecoin balances this week, supported by its card-issuing infrastructure, and plans to offer a custodial wallet by year-end. MassPay, meanwhile, serves about 300 businesses and processes tens of billions of dollars annually, with approximately 10% completed in stablecoins and about half involving cross-border payments.
- Payments DiveStablecoin startups accelerate expansion into payments, with Rain launching a wallet and MassPay connecting to Cash App
Stablecoin startups Rain and MassPay are expanding the use of stablecoins in business payments, payouts and consumer payments by connecting traditional payment rails, real-time payment systems and mobile wallets. Rain has launched a stablecoin digital wallet supported by its card-issuing capabilities. It currently uses a non-custodial model and plans to offer a custodial wallet by the end of the year, while also applying for an OCC national trust charter. MassPay has approximately 300 business customers and processes tens of billions of dollars annually, with approximately 10% paid in stablecoins and about half flowing cross-border.
- CoinDeskSelectedRain applies for OCC national trust bank charter to custody digital assets and manage stablecoin reserves
Rain has applied for an OCC national trust bank charter and plans to use its New York subsidiary to custody digital assets and USD for institutional clients, manage stablecoin reserves, and provide issuance and redemption services for USD stablecoins. The proposed bank will not accept deposits, issue commercial loans, or offer consumer accounts, and will not have FDIC insurance. Client assets will be segregated from the bank’s own assets. The application still requires OCC approval and a public comment process, and has faced opposition from traditional banking groups.
- PYMNTSRain applies for OCC approval to establish a national trust bank
Rain has applied to the OCC to establish Rain National Trust Bank (RNTB), with plans to bring asset custody, reserve management, and stablecoin issuance and redemption for partner programs under the federal regulatory framework. If approved, RNTB will operate as an independent subsidiary under OCC supervision and examination, providing fiduciary asset custody and stablecoin issuance and redemption, while Rain will remain a payments platform. ICBA has sued the OCC over the potentially lower level of scrutiny digital asset companies may face when applying for national bank charters.
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