RAIN
−2.6%Two crypto firms file for US trust bank charters for stablecoin services
Image: CointelegraphPayments infrastructure firm Modern Treasury, which has facilitated more than $600 billion in payments, and stablecoin platform Rain have each applied to the Office of the Comptroller of the Currency for a US national trust bank charter. Both proposed entities would offer stablecoin custody and related fiat services, and would not accept consumer deposits or offer FDIC-insured accounts. Modern Treasury's application follows prior OCC approvals for several crypto and payments firms, while Rain's filing arrived days after a banking industry lawsuit challenged OCC rules for crypto-focused national trust bank charters.
Key points
- Modern Treasury and Rain have each applied for a US national trust bank charter from the OCC
- Both proposed banks would offer stablecoin custody and related fiat services
- Neither proposed bank would accept consumer deposits or offer FDIC-insured accounts
- Modern Treasury's application follows prior OCC approvals for other crypto and payments firms
- Rain's filing came days after a banking industry lawsuit challenged OCC crypto charter rules
Why it matters
The applications reflect growing industry efforts to integrate stablecoins into regulated US financial infrastructure. The pending lawsuit over OCC crypto charter authority creates uncertainty for these and future similar applications.
What's unclear
The OCC has not yet issued a decision on either Modern Treasury's or Rain's charter applications
There is a direct conflict between the OCC's assertion that its charter rule does not expand its authority and the community bankers' lawsuit challenging the rule's legal basis for
Price context · RAIN
At publication
$0.0114
Now
$0.0114
Change since
−0.45%
7 days · dashed line = publication
Sources · 2 publishers
Cointelegraph
Tier 1
Rain seeks US trust bank charter days after OCC sued over crypto charters
Crypto.news
Tier 2
Rain seeks U.S. trust bank amid crypto charter lawsuit
Coverage timeline
- First reported by Cointelegraph
- Confirmed by Crypto.news
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
