What Rain does
Rain is a full-stack card issuer for stablecoins. A company that wants to offer a card, a wallet app or an exchange, plugs into Rain once and gets card issuing, the link to Visa, stablecoin conversion at checkout, wallets, compliance and payouts.
Because Rain is a Visa Principal Member, it can issue cards directly rather than renting a license from a sponsor bank, which shortens launches. When Western Union launched its Stablecard, Rain's single integration let it go live in 37 markets at once instead of setting up each market separately.
Cards built on Rain
Rain powers several of the cards in our ranking of the best stablecoin cards, including KAST, Plasma One and Karta, as well as Western Union's Stablecard for remittances (our coverage) and programs for payment provider Nuvei.
Growth and funding
Rain raised a $250 million Series C led by ICONIQ in January 2026, valuing it at $1.95 billion, up more than 17 times in 10 months. Its total funding passed $338 million. At the time, it said its active card base had grown 30x and annualized payment volume 38x over the previous year, to more than $3 billion across 200+ partners.
That growth mirrors the market: quarterly stablecoin card spend went from $38 million at the end of 2023 to $3.3 billion in the third quarter of 2026.
How Rain compares
Rain and Hong Kong-based Reap are full-stack issuers that hold Visa principal membership themselves. Others split the stack: Bridge issues cards through Stripe Issuing and Lead Bank, and Mastercard sells stablecoin-linked cards through BVNK. See how the layers fit together in our stablecoin card infrastructure guide.
