Stablecoin Firm Rain Seeks Federal Trust Bank Charter in New York

TLDR Rain filed an application with the OCC on Oct. 5 to create Rain National Trust Bank in New York. The proposed bank would hold assets in custody, manage stablecoin reserves, and issue dollar-backed stablecoins under the GENIUS Act. It would not take deposits, offer consumer accounts, make commercial loans, or carry FDIC insurance. Former [...]

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