Rain Partners with Mastercard on Stablecoin Cards

Rain, a stablecoin payments startup valued at $1.95 billion, announced a partnership with Mastercard on Monday to expand its card offerings, adding credit and prepaid cards backed by stablecoin deposits to its existing Visa network.

The collaboration allows Rain to issue Mastercard-enabled cards, enabling enterprises and neobanks to let customers settle charges using stablecoin balances rather than traditional fiat deposits. Rain handles blockchain-based treasury operations, currency conversion, and onchain settlement behind the scenes, preserving familiar card experiences for users. The company stated that its infrastructure is "purposebuilt for stablecoin card programs, not retrofitted from a fiat model," allowing programs to scale across geographies through a single integration. Mastercard is accepted at hundreds of millions of merchants in over 210 countries and regions.

Rain Chief Executive Farooq Malik said the move targets larger institutions with longstanding ties to specific networks. "As we've grown into the enterprise, we realized that there's a lot of enterprise players that have multiyear relationships," Malik said. "They are really interested in the innovation, but...