Key Highlights The Office of the Comptroller of the Currency (OCC) finalized rules concerning stablecoins ahead of the $GENIUS Act’s scheduled implementation in January 2027. Banking trade groups, including the American Bankers Association (ABA) and the Bank Policy Institute, warned that the omission of yield presumptions could cause deposit flight away from traditional lenders. Crypto ...
Key Highlights: Stablecoin payments platform Rain has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national trust-bank charter. Operating as a New York subsidiary named Rain National Trust bank, the proposed entity plans to provide fiduciary digital asset and dollar custody, stablecoin reserve management, and institutional token issuance ...
Key Highlights: Stablecoin infrastructure firm Rain has filed an application with the OCC to form Rain National Trust Bank, a New York-headquartered national trust bank. Led by proposed CEO Brandon Soto, the entity would hold institutional assets in fiduciary custody and support dollar-backed stablecoin issuance under the $GENIUS Act without offering retail loans or taking ...
Key Highlights: Firms like Rain and Modern Treasury are actively pursuing national trust bank charters to offer digital asset custody and fiduciary backing under federal oversight. The Independent Community Bankers of America (ICBA) has filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing the agency exceeded its authority by granting light-touch charters to ...
Key Highlights Firms like Rain and Modern Treasury are actively pursuing national trust bank charters from the Office of the Comptroller of the Currency (OCC) to provide federally regulated custody and fiat services. The Independent Community Bankers of America (ICBA) filed a federal lawsuit against the OCC and Comptroller Jonathan Gould, asserting the agency exceeded ...
Key Highlights SoFi becomes the first nationally chartered U.S. bank to settle debit and credit card transactions via blockchain on Mastercard’s global network, processing an estimated $25 billion annually through its SoFiUSD stablecoin. SoFiUSD is backed primarily by cash reserves, redeemable 1:1 for U.S. dollars, and overseen by the Office of the Comptroller of the ...