A stablecoin payments infrastructure company has raised $250 million in a Series C funding round, pushing its valuation to $1.95 billion and reinforcing investor confidence in blockchain-based payment rails. The round was led by ICONIQ and included participation from a mix of growth-stage and crypto-focused venture firms, reflecting broad interest in companies that bridge digital assets with real-world financial usage. The funding comes less than a year after earlier rounds, bringing total capital raised to more than $338 million and marking one of the fastest valuation expansions in the stablecoin infrastructure segment. The company focuses on enabling businesses to launch stablecoin-powered payment cards, wallets, and payment programs that integrate directly with existing global card networks. This approach positions stablecoins as spendable digital dollars rather than confined on-chain instruments, aligning with growing demand for practical blockchain-based financial services.
The company, Rain, has expanded rapidly over the past year, with its active card base increasing thirtyfold and annualized payment volume rising by nearly forty percent. It now processes more than $3 billion in annualized transactions and supports over 200 partners, highlighting strong enterprise adoption rather than consumer-only experimentation. Operating as a Visa Principal Member, the firm’s infrastructure enables stablecoin-linked transactions across more than 150 countries, allowing businesses to offer payment products that function seamlessly at existing merchant locations worldwide. Its partnerships include global payment and remittance firms, as well as crypto-native platforms, extending the reach of stablecoin payments to programs that collectively serve billions of potential users. This scale demonstrates how stablecoins are moving from niche crypto tools into mainstream payment ecosystems.
Beyond commercial partnerships, the company is also involved in public sector and regulated initiatives that point to the evolving role of stablecoins in formal financial systems. It serves as a launch partner for the Wyoming state-backed FRNT stablecoin, signaling growing collaboration between blockchain infrastructure providers and government-linked digital currency projects. The latest funding is expected to support further geographic expansion, platform scaling, and additional enterprise launches as demand for stablecoin-based payment solutions accelerates. As regulatory clarity improves and institutions seek faster settlement and programmable money, companies focused on compliant, globally interoperable infrastructure are emerging as core enablers. The funding round underscores a broader market shift where investment is increasingly directed toward stablecoin utilities that support real economic activity rather than speculative trading alone.
