Rain valuation nears $2 billion after $250 million Series C raise for stablecoin payments firm

Stablecoin infrastructure provider Rain announced Friday that it has secured $250 million in a Series C funding round led by ICONIQ, achieving a valuation of $1.95 billion.

The round brings Rain’s total funding to $338 million. This follows a $58 million Series B round led by Sapphire Ventures in August 2025 and a $24.5 million raise in March of that year, The Block previously reported. Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst also participated in the Series C round.

Rain said it plans to deploy the new capital to secure operational licenses and establish a presence in North America, South America, Europe, Asia, and Africa. The firm, which currently issues Visa-linked stablecoin cards in over 150 countries, is also developing integrations for the U.S. ACH and European SEPA payment networks through partner banks, Bloomberg reported.

“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” Farooq Malik, CEO and co-founder of Rain, said in the statement. “In the last year, our active card base has increased 30x and our annualized payment volume has increased 38x, but we’re still in the early innings. This funding lets us bring that infrastructure to new markets and help additional enterprises go live and scale quickly everywhere.”

According to the statement, Rain currently facilitates compliant stablecoin card programs and wallets for over 200 partners, including Western Union, Nuvei, and KAST, with over $3 billion in annualized transactions. Programs built on Rain support both everyday consumer purchases and enterprise payments, while maintaining regulatory compliance, the firm said.

Building on a $300 billion base

Rain’s infrastructure push aligns with sustained growth across the stablecoin sector. The total stablecoin supply currently exceeds $290 billion, according to The Block’s data dashboard.

Tether’s USDT continues to dominate the market with a supply of over $186 billion, representing approximately 64% of the total. Circle’s USDC follows with a supply of nearly $75 billion.

However, the appeal of stablecoins for near-instant, cross-border settlement has also made them a prevalent tool for illicit finance. According to blockchain analytics firm Chainalysis, stablecoins accounted for 84% of all illicit crypto transaction volume in 2025, which totaled a lower-bound estimate of $154 billion.

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