Rain's Uptop Acquisition Completes Stablecoin Loyalty Ecosystem

Rain Acquires Uptop to Bring On-Chain Rewards to Wallets and Cards

Rain, a leading infrastructure provider for stablecoin-powered payments, has acquired Uptop, an on-chain rewards platform, to integrate loyalty programs into its full-stack ecosystem for enterprise card and wallet solutions. The acquisition accelerates Rain's mission to deliver a vertically integrated platform that includes on-ramps, wallets, Visa-accepted cards, off-ramps, and now native rewards, enabling businesses to launch branded programs with a single partner.

The move follows Rain's $58 million Series B funding round, underscoring its commitment to expanding its offerings in the stablecoin sector.

Uptop, known for powering rewards programs for sports teams like the Cleveland Cavaliers and Detroit Pistons, as well as the Empire State Building's Ambassador Program, will now expand into retail, entertainment, travel, and dining under Rain's umbrella. The platform's card-linked rewards system has demonstrated measurable results, such as a 21% increase in spend and a 51% boost in Team Shop sales for the Cavaliers' program. By bringing rewards in-house, Rain aims to meet core cardholder expectations for stablecoin-powered programs, allowing partners to sponsor "bonus-earn moments" to drive engagement.

Uptop's on-chain architecture, built on the Avalanche network, enables low-latency, high-volume loyalty experiences while maintaining a user-friendly interface. Rain CEO Farooq Malik emphasized the acquisition's strategic value: "We're building end-to-end, stablecoin-native infrastructure so our clients don't have to stitch it together. By integrating rewards, Rain continues to lead the stablecoin industry as a comprehensive platform that lets partners go live and scale fast, all while keeping the consumer experience simple." Uptop co-founders John Timoney and Ross Basri highlighted the synergy, noting that Rain's infrastructure will allow Uptop to scale its rewards programs globally while preserving simplicity for users.

The acquisition positions Rain to compete more effectively in a market where integrated loyalty solutions are gaining traction. With Uptop operating as an independent brand under Rain, the combined entity aims to deliver "instant, compliant, and scalable" rewards programs for enterprises, leveraging Rain's Visa Principal Member status and global reach across 150 countries. As stablecoin adoption grows, Rain's full-stack approach-combining payments, wallets, and rewards-could redefine how brands engage with customers in the digital economy.