Stablecoin firm Rain secures $250m series C

Rain, a stablecoin company, has raised US$250 million in a series C funding round led by ICONIQ, bringing its valuation to US$1.95 billion.

Rain, which provides infrastructure for businesses to issue and manage stablecoin-linked payment cards and wallets.

The company said it plans to use the new capital to expand into additional licensed markets and support more enterprise launches.

Rain reported that its active card base grew 30x and its annualized payment volume increased 38x over the past year.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Rain cites 30x active card growth and 38x payment volume. It has not shared absolute counts, retention, or revenue per card. Its valuation is $1.95 billion. It has not disclosed regulatory licenses, sponsor bank relationships (licensed banks that enable fintechs to issue cards), or supported stablecoins. Press coverage ties Rain to Visa card issuance 1.
Processing topped $3 billion across 200+ partners in the past year. That averages about $15 million per partner and hints at pilots, not scaled deployments 1.
Stablecoin volume grew 72% globally to $33 trillion in 2025. Much of that came from large institutional transfers and blockchain native activity, not retail card spend that Rain depends on 1.

Banks and issuer processors are vendors that manage card issuance and transaction processing. They can provide BIN sponsorship and regulatory infrastructure as Rain enters new licensed markets, and Visa already works with 70+ crypto wallet providers for card programs 2.
Know Your Customer (KYC) or Anti Money Laundering (AML) providers, plus regtechs (regulatory technology firms), can target Rain and similar stablecoin card issuers 3. Visa’s Fintech Fast Track program has a quarter of North America applicants focused on crypto linked cards 3. Payment gateways and on or off ramp providers can support fiat to stablecoin conversion for the platform. These are services that convert between fiat, which is government issued currency, and crypto. Visa’s partner directory lists hundreds of providers, including many offering tokenization (replacing sensitive card data with secure tokens) plus some crypto payment integration services 4.