Rain applies to establish U.S. national trust bank in New York

Stablecoin payments infrastructure provider Rain has applied to the U.S. Office of the Comptroller of the Currency to establish a New York-based national trust bank, Rain National Trust Bank, Cointelegraph reported. If approved, the bank would be able to provide digital asset custody for institutions, manage reserves for stablecoin issuers, and handle U.S. dollar stablecoin issuance and redemption. Stablecoin issuance and redemption must comply with the GENIUS Act.