Rain, a stablecoin startup valued at $1.95 billion, has expanded its offerings by partnering with Mastercard to provide credit and prepaid cards. Previously, the company only collaborated with Visa for such services. This new alliance will allow Rain to explore payment settlements using stablecoins, which are cryptocurrencies tied to real-world assets like the U.S. dollar.
According to Farooq Malik, cofounder and CEO of Rain, this partnership is aimed at larger institutions that typically have longstanding relationships with payment networks. He noted that these enterprises are interested in innovation but may not be able to make midstream changes to their payment processing solutions.
This development comes amid a growing trend where legacy technology and finance companies are incorporating stablecoins into their operations. Recent legislative changes, including the Genius Act signed by former President Donald Trump, have established regulatory guidelines that support this evolution in payments. Other companies, such as Meta and Shopify, have also begun integrating stablecoin options for their users.