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Stablecoin Firm Rain Valued at $1.95 Billion in $250 Million Fundraise

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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.

Barclays Takes Stake in Stablecoin Settlement Firm Ubyx

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British lender Barclays said on Wednesday it has bought a stake in U.S.-based stablecoin settlement company Ubyx, marking its first investment in the stablecoin sector as it explores what it called “new forms of digital money.”

Founded in 2025, Ubyx operates a clearing and settlement system for stablecoins — cryptocurrencies pegged one-to-one to traditional currencies — with the goal of reconciling tokens issued by different providers. Barclays said the investment reflects its interest in developing tokenised money within existing regulatory frameworks.

The move comes as banks and financial institutions increasingly revisit blockchain-based payments and settlement solutions, buoyed by rising cryptocurrency prices and renewed political support for the sector in the United States under President Donald Trump. Despite the renewed momentum, many blockchain and stablecoin initiatives by traditional banks remain at an early stage.

Barclays said it and Ubyx share a commitment to building tokenised money “within the regulatory perimeter.” The bank was also among a group of 10 lenders — including Goldman Sachs and UBS — that said in October they were exploring the possibility of jointly issuing a stablecoin linked to G7 currencies.

“This investment aligns with Barclays’ approach to explore opportunities based on new forms of digital money, such as stablecoins,” a spokesperson for the bank said.

Barclays declined to disclose the size or valuation of the investment but confirmed it was its first stake in a stablecoin-related company. Venture capital arms of crypto firms Coinbase and Galaxy Digital have also previously invested in Ubyx, according to PitchBook.

The stablecoin market has expanded rapidly in recent years, dominated by Tether, which has about $187 billion worth of tokens in circulation. Stablecoins are primarily used to move funds within cryptocurrency markets but are increasingly being examined for broader use in payments and financial settlement.

Bitcoin Hoarder Strategy Reports $17.44 Billion Unrealized Loss in Fourth Quarter

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Strategy, the company led by Michael Saylor, disclosed a $17.44 billion unrealized loss on its digital asset holdings in the fourth quarter, reflecting a sharp decline in the value of its large bitcoin stockpile.

The loss underscores the volatility facing companies that hold cryptocurrencies on their balance sheets. Strategy’s shares fell about 47.5% in 2025, as fluctuations in crypto markets weighed heavily on the company’s balance sheet and reported earnings.

For the full year ended December 31, 2025, Strategy reported an unrealized loss of $5.40 billion on digital assets. In December, the company also cut its earnings forecast for 2025, citing sustained weakness in Bitcoin prices.

Companies with significant exposure to bitcoin and other digital tokens have come under renewed pressure in recent weeks amid heightened market volatility. Strategy, the world’s largest corporate holder of bitcoin, has been particularly sensitive to these swings due to the scale of its holdings.

The company said that as of January 4, 2026, it held $2.25 billion in U.S. dollar reserves. Strategy maintains this cash reserve to support dividend payments on its preferred stock and to cover interest obligations on its outstanding debt.

Despite the recent losses, Strategy has continued to position bitcoin as a core long-term asset on its balance sheet, even as investors remain cautious about the impact of crypto price movements on the company’s financial performance.