Stablecoin company Rain said on Friday it raised $250 million in a Series C funding round led by ICONIQ, valuing the firm at $1.95 billion, as investor appetite for crypto-related businesses continues to strengthen.
Stablecoins — cryptocurrencies pegged to assets such as the U.S. dollar — have gained traction among consumers, investors and major financial institutions as digital assets move closer to the financial mainstream. The sector has also benefited from a more accommodating regulatory environment under U.S. President Donald Trump’s administration, encouraging traditional financial firms to explore crypto-based products.
Rain said the latest round brings its total funding to more than $338 million and comes just four months after its previous fundraise. The company added that its valuation has risen more than 17-fold in the past 10 months.
A spokesperson for Rain said the company’s priority is to expand its presence in key licensed markets and deepen its full-stack stablecoin payments platform, including through strategic acquisitions.
Rain provides infrastructure that allows businesses to issue and manage stablecoin-linked payment cards and digital wallets, enabling users to transact anywhere Visa is accepted.
“Stablecoins are quickly becoming the way money moves in the 21st century, but adoption by users worldwide requires cards and apps that just work,” said Rain CEO and co-founder Farooq Malik. He added that Rain’s active card base has grown 30-fold over the past year, while annualized payment volume increased 38%, though the company remains “in the early innings.”
Malik said the new capital will be used to enter additional markets, scale operations and support more enterprise product launches.
Other investors participating in the round included Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest and Endeavor Catalyst.