The stablecoin infrastructure startup said its Mastercard partnership adds to its earlier Visa-based card business and is aimed at institutional clients seeking stablecoin settlement without overhauling existing payment systems.
Rain said it reached a $1.95 billion valuation and has partnered with Mastercard, the global payments network, to issue credit and prepaid cards. The company said the agreement broadens its card business beyond an earlier Visa partnership and is designed for large institutional clients that want stablecoin settlement (using fiat-pegged digital tokens for payments) while keeping current payment infrastructure in place. The arrangement reflects a common crypto-industry approach of linking blockchain-based settlement with familiar card rails so businesses can access digital asset functionality without requiring end users or merchants to change how they transact.