【A stablecoin company is applying for a bank charter—but won’t take a cent in deposits? 🏦🌧️】
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🔥 加入X先生的粉丝群聊A company that handles stablecoin payments is making a move. It has filed an application with the U.S. Office of the Comptroller of the Currency to open a trust bank in New York. It’s called Rain National Trust Bank, a wholly owned subsidiary. The parent company will continue to focus on payments. 🏦
If approved, the bank will do three things: hold digital assets and dollars for institutions, keep customers’ money separate from the bank’s own funds, and manage stablecoin reserves for regulated institutions. It will operate under the federal GENIUS Act. It can also issue and redeem its own dollar-backed stablecoin. 📄
It won’t take deposits or open accounts for individuals. It won’t make commercial loans, and it won’t have deposit insurance. Reserves can’t be pledged, lent out, or misused. Customer assets will always belong to customers—not count as the bank’s own liabilities. In short, it just wants the charter. 🚫
The person tapped to lead the new bank has also been chosen. The proposed president is Brandon Soto, who is still awaiting regulatory approval. His previous job was at Block’s industrial bank, where he served as chief financial officer. Before that, he held similar roles at other banks. 👔
The timing is intriguing. Three days ago, a community banking association sued the OCC, alleging that it had overstepped its authority in issuing charters. Now another stablecoin company is lining up. Rain’s partner serves millions of users. For now, it relies on state licenses and third-party custodians. ⚔️
The company’s chief put it plainly: institutions want a fiduciary overseen by federal regulators. A trust bank is the answer. It would also be subject to direct OCC examinations. Custody, reserves, and issuance—all under one roof. Whether the application gets approved is now up to regulators. ⏳
📌 No deposits, no loans, no deposit insurance—it really just wants a pass to operate.
Do you think a bank without those burdens will get approved?
#Rain