Current outcome
Rain and Modern Treasury have each applied to the OCC for national trust bank charters; Rain's proposed New York trust bank would provide fiduciary custody of digital assets and dollars, manage stablecoin reserves, and issue/redeem dollar-backed tokens without accepting deposits or offering FDIC insurance, and its application remains subject to OCC approval and public comment.
Progress timeline
2 material updates- #01
【Rain 及 Modern Treasury 分别向 OCC 申请设立全国信托银行】
Stablecoin payment platform Rain and payment infrastructure firm Modern Treasury have each applied to the US Office of the Comptroller of the Currency for national trust bank charters.
Source evidence: foresightnews
- #02
Rain is seeking a national trust bank charter to bypass third-party banks
Rain's proposed national trust bank would custody digital assets and dollars, manage stablecoin reserves, and issue/redeem dollar-backed tokens for institutional clients, without accepting deposits or offering FDIC insurance; Rain is the 12th crypto firm seeking such a charter.
State after update: Rain and Modern Treasury have each applied to the OCC for national trust bank charters; Rain's proposed New York trust bank would provide fiduciary custody of digital assets and dollars, manage stablecoin reserves, and issue/redeem dollar-backed tokens without accepting deposits or offering FDIC insurance, and its application remains subject to OCC approval and public comment.
Source evidence: CoinDesk · theblockbeats