According to CoinMeta, Rain submitted an application on October 5, 2026, seeking to establish a national trust bank in the United States, becoming the latest among many crypto companies. This application has drawn attention in the U.S. regulatory environment as community banks are suing the Federal Reserve to try and shut down the trust bank licensing channels that most crypto companies plan to use. Rain's application is aimed at complying with the Genius Act framework and is expected to take effect on January 18, 2027. By then, issuing payment stablecoins in the United States will require appropriate federal or state permits.