WASHINGTON—Crypto and payments companies continue lining up for national trust bank charters even as community bankers challenge the Office of the Comptroller of the Currency’s authority to grant such charters.

Stablecoin payments company Rain said Oct. 5 it has applied to establish Rain National Trust Bank, a proposed New York-based institution that would provide digital-asset custody, stablecoin reserve management and stablecoin issuance and redemption under federal…