Rain CEO says stablecoin payments reach over 100000 merchants

Stablecoin payments facilitated by Rain are reaching over 100000 merchants without their knowledge, according to CEO Farooq Malik. These transactions currently settle through Visa's network in about three days, but Malik highlighted the potential for same-day settlement using stablecoins. The total stablecoin supply has surpassed 290 billion dollars, with Tether's USDT accounting for over 183 billion dollars and Circle's USDC nearly 72 billion dollars. Rain has expanded its payment infrastructure, raising 250 million dollars in a Series C round at a valuation of 1.95 billion dollars, bringing total funding to 338 million dollars. The company processes over 3 billion dollars in annualized transactions and has established stablecoin card programs for over 200 partners. In May, Rain became a principal member of Mastercard, enabling stablecoin-powered credit and prepaid cards in over 210 countries. Rain is also exploring onchain settlement for select program flows using regulated stablecoins. Malik discussed Rain's development of agentic payments, including scoped cards that allow AI agents to transact on behalf of users with controlled authority.

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