Stablecoin firm Rain boosts valuation to $1.95b in latest fundraise

Company Overview - Fintech company Rain has raised $250 million in a funding round, increasing its valuation to $1.95 billion [1] - The total funding for Rain has surpassed $338 million, following a Series B round four months ago and a Series A round ten months ago [1] Funding Details - The latest funding round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, and Galaxy Ventures [1] Market Position and Growth - Rain's CEO, Farooq Malik, stated that the active card base has increased thirtyfold in the past year, and the annualized payment volume has surged by 38 times [2] - Rain provides infrastructure for companies to issue stablecoin-linked debit cards, making digital tokens usable anywhere Visa is accepted [3] Industry Context - Stablecoins are becoming a significant method for money movement in the 21st century, with a growing need for functional cards and apps for user adoption [2] - The establishment of a framework for issuing digital tokens was marked by the signing of the GENIUS Act by former US President Donald Trump [3] - Major banks and companies are now focusing on stablecoin issuance to expedite payment processes [3] Traditional Finance Integration - Several leading crypto companies, including Coinbase, Circle, and Ripple, have received conditional approval to obtain national trust bank charters, allowing them to operate similarly to banks [4]