Stablecoin payments company Rain has filed an application with the Office of the Comptroller of the Currency to establish a national trust bank, joining a growing queue of crypto firms trying to bring custody and stablecoin operations under federal supervision. The move reflects a broader push by stablecoin businesses to own the custody and reserve plumbing behind dollar-backed tokens rather than depend on partner banks. Rain National Trust Bank, the proposed New York subsidiary, would provide fiduciary custody of digital assets and U.S. dollars, manage reserves for permitted stablecoin issuers, and issue and redeem dollar-backed stablecoins for institutional clients.