Rain, a startup focused on stablecoin-powered payments, announced Thursday that it raised $58 million in a Series B round led by Sapphire Ventures, with participation from Samsung Next, Dragonfly, Galaxy Ventures, Endeavor Catalyst, Lightspeed, and Norwest.
The new funding comes just months after Rain’s $24.5 million raise in March, bringing its total to $88.5 million.
The company issues Visa debit and credit cards linked to stablecoins and describes itself as building “enterprise-grade infrastructure” for fintechs, banks, and marketplaces seeking to launch stablecoin-powered cards, wallets, and payment programs. Rain said transaction volumes on its network have grown 10x since January.
Interest in stablecoins from traditional finance has surged after the U.S. GENIUS Act and Europe’s MiCA framework established clearer regulatory paths. Stablecoins are now viewed as one of crypto’s most promising growth areas, with some estimates projecting the sector could expand into the trillions of dollars.
“Stablecoins have scaled to hundreds of billions in circulation, but until now, they couldn’t be easily spent,” said Jai Das, president and partner at Sapphire Ventures and a Rain board member. “Rain is working to fix that by connecting stablecoins to Visa’s global network, turning them into money you can actually use for everyday commerce.”
Tether’s USDT remains the largest stablecoin at $167 billion supply, followed by Circle’s USDC. Meanwhile, major U.S. banks have hinted at issuing their own tokens under the Trump administration’s more supportive regulatory stance.
Rain’s expansion comes as wallet providers like MetaMask also push into payments, with MetaMask planning to launch its own Mastercard-linked spending card by year-end.
