Rain seeks a national trust bank charter to formalize federal oversight of its stablecoin ecosystem, appointing former Square Financial Services CFO Brandon Soto to lead the new entity.
Rain has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank. This strategic move aims to bring the company's core operations, including stablecoin issuance, redemption, and reserve management, under direct federal regulatory oversight.
To bring custody, stablecoin reserve management, and stablecoin issuance under federal supervision.
Brandon Soto, the former CFO of Square Financial Services, has been named the proposed President and CEO.
Rain has submitted an application to the Office of the Comptroller of the Currency to establish a national trust bank. The move aims to bring the firm's stablecoin issuance, reserve management, and custody services under federal regulatory supervision.
The charter allows Rain to operate under federal supervision, providing a standardized regulatory environment for its stablecoin issuance, custody services, and reserve management.