farooq 🌧
@rooqster
co-founder @raincards // weather system still developing
Joined November 2010
1.6K Following 3.2K Followers
Rain has filed with the @USOCC to establish Rain National Trust Bank.
If approved, the bank will:
1. Provide fiduciary custody of digital assets and dollars
2. Manage reserves for permitted stablecoin issuers
3. Issue and redeem USD-backed stablecoins
Rain will stay a payments platform. It will not take deposits or make commercial loans.
Brandon Soto, former CFO of Square Financial Services and most recently CFO of Coastal Financial Corporation, will serve as the proposed President and CEO of Rain National Trust Bank.
The public portion of the application will be posted on the OCC's website shortly.
Full press release linked below.
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