Stablecoin company Rain just applied to become a real US bank — three days after America's community banks sued to stop exactly this. 🏦
Rain filed with the OCC on Monday for Rain National Trust Bank, headquartered in New York. If approved, it would custody digital assets and dollars for institutions, manage stablecoin reserves, and issue and redeem its own dollar-backed stablecoins under the GENIUS Act.
The timing is the whole story. Last Friday, the Independent Community Bankers of America sued the OCC in federal court, arguing crypto firms are slipping into the banking system on lightly regulated charters. Rain filed anyway — joining at least 13 crypto firms among 21 trust banks the OCC has already approved.
The line between crypto and banking is getting blurry fast. Which stablecoin does this help most — USDT or USDC? 👇
#Stablecoins #CryptoNews #Banking
Rain filed with the OCC on Monday for Rain National Trust Bank, headquartered in New York. If approved, it would custody digital assets and dollars for institutions, manage stablecoin reserves, and issue and redeem its own dollar-backed stablecoins under the GENIUS Act.
The timing is the whole story. Last Friday, the Independent Community Bankers of America sued the OCC in federal court, arguing crypto firms are slipping into the banking system on lightly regulated charters. Rain filed anyway — joining at least 13 crypto firms among 21 trust banks the OCC has already approved.
The line between crypto and banking is getting blurry fast. Which stablecoin does this help most — USDT or USDC? 👇
#Stablecoins #CryptoNews #Banking
