Modern Treasury and Rain Pursue US Trust Bank Charters for Digital Asset Services
Two fintech firms seek federal approval to expand into stablecoin custody and related financial services.
- Modern Treasury and Rain apply for US trust bank charters to offer digital asset services.
- Both firms aim to custody stablecoins and manage fiat-crypto transactions.
- The total crypto market cap remains at $2.98T amid flat market conditions.
Both Modern Treasury and Rain have applied for US trust bank charters to custody digital assets and manage stablecoin reserves, though specific service details may vary.
Payments infrastructure company Modern Treasury and fintech firm 
Rain have both applied for US trust bank charters to expand their digital asset service offerings. According to multiple outlets, the applications seek federal approval to provide services including stablecoin custody, fiat-crypto transaction management, and related financial services through limited-purpose national trust banks.
Crypto.news reports that Rain's application specifically includes plans to custody digital assets, manage stablecoin reserves, and issue dollar-backed stablecoins. Meanwhile, Cointelegraph highlights that Modern Treasury's application focuses on providing stablecoin custody and related fiat services, indicating a slightly different emphasis in their service offerings.
While both firms aim to obtain trust bank charters, the exact scope of services and regulatory requirements may differ based on their business models. The applications reflect a growing trend of fintech companies seeking to bridge traditional finance with digital asset services.
The broader market context shows a relatively stable crypto market, with the total market cap holding at $2.98 trillion. 
Bitcoin's price has seen a minor 24-hour decline of 0.26%, while the Fear & Greed Index remains in 'Greed' territory at 73, indicating continued investor optimism.
The development could have significant implications for the integration of digital assets into the traditional financial system. By obtaining trust bank charters, these firms could help increase institutional confidence and regulatory clarity for digital asset services, potentially driving further adoption of stablecoins and related financial products.
At today's peer-to-peer rate, 1 RAIN ≈ ₦15.8 (about $0.0115), up 1.0% over 24 hours. The naira itself trades about 2.8% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 6, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Rain — questions
How much is 1 Rain worth in naira today?
About ₦15.8 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $0.0115. The naira price moves with both RAIN's US-dollar price and the USDT/NGN rate; use our Rain in naira page for any amount.
Has Rain's price moved since this brief was published?
RAIN is up 1.43% since this brief first published — trading at $0.0115 now versus $0.0114 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Cointelegraph, Crypto.news, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.