According to CoinMeta, the stablecoin payment platform rain has applied to the US Federal Reserve (OCC) to establish rain national trust bank (RNTB). If approved, RNTB will operate as an independent national trust bank headquartered in New York and supervised by OCC, providing institutional customers with digital asset and US dollar custody, stablecoin reserve management that meets Genius Act requirements, as well as services for issuing and redeeming US dollar-stabilized coins. RNTB will not accept deposits, provide consumer accounts, or issue commercial loans; customer custody assets will be separated from the bank's own assets. rain itself will continue to operate as a stablecoin payment platform, while RNTB will function as an independently capitalized subsidiary under the supervision of OCC.