Stablecoins Go Mainstream with 100k Merchants Now Accepting Tokenized Dollars
Rain, a financial technology company, has made significant strides in integrating stablecoins into the traditional payment system. According to Rain's CEO Farooq Malik, over 100,000 merchants are now accepting payments funded by stablecoins without realizing it.
The key to this success lies in Rain's ability to make tokenized money behave like regular dollars in transactions. This is achieved through its card infrastructure, which allows stablecoin balances to spend anywhere Visa or Mastercard is accepted, without requiring any changes to the merchant's point-of-sale system or bank.
Rain has secured significant funding, raising $250 million in a Series C round led by ICONIQ at a valuation of $1.95 billion, bringing its total funding above $338 million. This investment enables Rain to pursue its vision of making stablecoin payments faster and more seamless.
The company is also working on programmable payment credentials called Scoped Cards, which can be used by AI agents to make transactions with set limits and rules. This technology has the potential to revolutionize the way businesses interact with their customers.