If approved, the Rain National Trust Bank will operate as a separately capitalized subsidiary, distinct from Rain’s existing payment platform. The institution plans to focus on three core areas: fiduciary custody of digital and fiat assets, reserve management for stablecoin issuers, and the issuance and redemption of dollar-backed stablecoins. Notably, the entity will not accept deposits or offer consumer accounts, nor will it engage in commercial lending. This structure is designed to provide institutional clients with a fiduciary that answers directly to a federal regulator.

To lead this initiative, the company has appointed Brandon Soto as the proposed President and CEO. Soto, a veteran of the financial sector, previously served as CFO of Square Financial Services and Coastal Financial Corporation. His background includes navigating the complex regulatory landscape for bank charters, having helped secure approval for Square’s industrial bank in Utah. According to Soto, the bank’s primary objective is to implement rigorous reconciliation and asset management protocols from its inception. The application is currently awaiting review by the OCC and will be subject to a public comment period before any operations can commence.