Rain Hits $1.95B Valuation After $250M Series C Raise to Expand Stablecoin Infrastructure

Stablecoin infrastructure firm Rain has secured $250 million in a Series C funding round led by ICONIQ, achieving a valuation of $1.95 billion according to reports. The company, which provides the backend systems for stablecoin-powered payments, said the round brings its total funding to $338 million as reported. This includes a $58 million Series B round led by Sapphire Ventures in August 2025 and an earlier $24.5 million raise according to coverage.

Rain will use the new capital to expand its presence in key markets across North America, South America, Europe, Asia, and Africa as detailed. The firm currently issues Visa-linked stablecoin cards in over 150 countries and plans to deepen its integrations with U.S. ACH and European SEPA payment networks according to their announcement.

The funding reflects growing institutional confidence in stablecoin infrastructure as a critical layer of the global financial system. With stablecoin transaction volumes reaching record levels, Rain's infrastructure is being leveraged by over 200 partners, including Western Union, Nuvei, and KAST as reported.

Why Did This Happen?

Stablecoins have evolved from speculative assets into a significant value-transfer tool, with the total supply exceeding $290 billion according to analysis. Tether's USDT remains dominant, with a market share of approximately 64%, while Circle's USDC trails with nearly $75 billion as reported.

Rain's platform allows businesses to launch compliant stablecoin cards that work globally and facilitate everyday purchases and enterprise payments according to their platform description. The company reported a 30x growth in its active card base and a 38x increase in annualized payment volume over the past year according to financial data.

The Series C round included participation from Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst as noted. ICONIQ Capital's Kamran Zaki highlighted Rain's rare combination of full-stack technology, regulatory readiness, and real-world scale according to their commentary.

How Did Markets Respond?

The stablecoin sector has seen sustained growth, with total transaction volumes reaching $33 trillion in 2025. USDC led in transaction volume with $18.3 trillion, while USDT remained the largest by market cap at $186.9 billion.

Despite this growth, stablecoins have also become a tool for illicit finance. According to Chainalysis, they accounted for 84% of all illicit crypto transaction volume in 2025, totaling a lower-bound estimate of $154 billion.

Rain's infrastructure aims to address regulatory compliance while scaling global adoption. The firm's technology is designed to make stablecoin-powered payments feel seamless to businesses and consumers.

What Are Analysts Watching Next?

Analysts are closely watching how Rain's expansion unfolds in emerging markets. The company plans to use a portion of the Series C funds for strategic acquisitions and new product development.

With regulatory clarity improving in key markets like the EU, the sector is expected to attract more institutional capital. Rain's focus on making tokenized money the default for businesses aligns with broader trends in digital asset adoption.

Investors are also monitoring the impact of geopolitical shifts on stablecoin usage. The U.S. and other countries have embraced stablecoins, while others remain cautious about their implications for traditional banking systems.

Rain's ability to navigate these dynamics and maintain a compliant, scalable infrastructure will be a key factor in its long-term success. The firm's CEO, Farooq Malik, emphasized that this funding enables Rain to bring its infrastructure to new markets and help enterprises scale quickly.