Stablecoin payments company Rain closes on $2B valuation with latest $250M funding round

Stablecoin payments company Rain has raised $250 million in new Series C funding round, pushing the company’s total funding to $338 million and its valuation to $1.95 billion, according to co-founder and CEO Farooq Malik.

The new Series C round was led by ICONIQ, with backing from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures.

Rain plans to use the money to scale operations globally, especially across North America, South America, Europe, Asia, and Africa. The company is also preparing to handle tighter regulations around stablecoins and crypto infrastructure. Farooq said:-

“Many markets now are finally getting to the point of creating regulation and guidelines on how they want particular parts of stablecoin infrastructure, blockchain, custody, wallets, etc, to function.”

Rain expands product reach, partnerships and regulatory efforts

With this funding, Rain will ramp up work with regulators, hoping to proactively secure licenses in new regions.

“The raise means having more resources to be able to submit and pro-actively engage with regulators to get licenses up and running as part of our continuous global expansion,” Farooq said. That expansion includes more countries, more partnerships, and more payment rails.

Rain already lets clients launch stablecoin-linked Visa cards in over 150 countries. These cards can be used to spend stablecoins at local stores, withdraw cash at ATMs, and offer services in regions where national currencies are unstable. Some startups now run bank-style services powered entirely by these cards. But Rain isn’t stopping at cards.

The company is also working on linking to ACH in the U.S. and SEPA in Europe, tapping into the traditional financial system through its partners. That means easier conversions, transfers, and access for users globally.

Expansion could also come through more acquisitions. Rain recently bought Uptop, a rewards platform, and Fern, which handles currency conversion. “For us, it’s really about continuing to expand and invest in deepening our partnerships and geographic footprint,” Farooq said.

Stablecoin boom fuels Rain’s growth strategy

The raise didn’t happen in a vacuum. Stablecoins exploded in 2025, boosted by President Donald Trump’s push for crypto adoption. After Trump signed the Genius Act in July, stablecoin use across the U.S. surged, and other countries started paying attention.

Total stablecoin transaction volume jumped 72% in 2025, hitting $33 trillion, according to Artemis Analytics Inc. Leading that surge was USDC with $18.3 trillion, followed by Tether’s USDT at $13.3 trillion. Fourth-quarter transaction volumes alone hit $11 trillion, up from $8.8 trillion the quarter before.

Major corporations are now exploring stablecoin products. Amazon, Walmart, and Standard Chartered are all said to be working on launches. Even World Liberty Financial Inc., tied to the Trump family, launched a stablecoin called USD1 in March.

Analysts at Bloomberg Intelligence now predict that total stablecoin market cap could hit $56 trillion by 2030.

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