
Rain has added Mastercard to its stablecoin card network, joining Visa to serve institutional clients. The move follows a $1.95B valuation for the startup.
Rain has officially expanded its stablecoin card infrastructure through a new partnership with Mastercard, marking a strategic shift that grants the $1.95 billion startup access to both of the world’s dominant card networks. This development follows Rain’s existing integration with Visa and signifies a broader push to embed stablecoin-based settlement into the traditional financial plumbing used by major institutions.
By securing a dual-network capability, Rain is positioning itself to capture institutional clients that maintain legacy preferences for either Visa or Mastercard. The company’s core business model involves enabling neobanks and other financial entities to issue credit and prepaid cards backed directly by user stablecoin deposits. This allows end-users to settle card charges using crypto-native assets rather than traditional fiat balances.
For institutional partners, the primary friction point has historically been the lack of interoperability between stablecoin liquidity and established payment rails. Rain is now working directly with Mastercard to explore stablecoin-based payment settlement, a move that could reduce the latency and cost associated with converting digital assets into fiat before clearing transactions. This infrastructure is critical for firms looking to scale card programs without the overhead of maintaining massive fiat-denominated reserves.
This partnership arrives during a period of intense consolidation and infrastructure building among major payment processors. Mastercard itself signaled its commitment to this space in March by announcing the acquisition of stablecoin infrastructure firm BVNK for up to $1.8 billion, a deal that includes $300 million in contingent payments. The BVNK acquisition is designed to power 24/7 stablecoin settlement for processors and acquirers, effectively creating a direct pipeline for stablecoin checkout through Mastercard’s existing payment gateway.
The competitive environment is further defined by Stripe’s $1.1 billion acquisition of Bridge in 2025. Bridge has similarly leveraged a partnership with Visa to support stablecoin-linked cards across more than 100 countries. These moves suggest that the race is no longer about whether stablecoins will be accepted, but about which infrastructure providers can offer the most seamless integration for institutional-grade payment flows. For those tracking the broader financial sector, MA stock page provides further context on how these legacy giants are evolving their core offerings to accommodate digital assets. Current market data shows Mastercard holding an Alpha Score of 64/100, reflecting a moderate outlook as it navigates these infrastructure shifts.
Stablecoin adoption has seen a marked acceleration following the passage of the GENIUS Act in July. This legislation provided a clearer regulatory framework for dollar-backed tokens, which has served as a green light for large-scale corporate adoption. Since the act’s implementation, firms including Meta, Shopify, Coinbase, Stripe, and SpaceX have either expanded or initiated stablecoin payment capabilities.
For Rain, the path forward depends on its ability to leverage this regulatory clarity to onboard larger institutional partners. The company’s valuation, which reached $1.95 billion in January following a $250 million Series C round led by ICONIQ, reflects high expectations for its role in this transition. With total funding now exceeding $338 million, Rain is well-capitalized to compete with the infrastructure being built by larger incumbents. The success of this expansion will likely be measured by the volume of institutional card programs that migrate to its dual-network model over the next 12 to 18 months. If the current trend of institutional adoption holds, the integration of stablecoin settlement into standard card networks will likely become the baseline expectation for financial service providers rather than a specialized niche offering.
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