Stablecoin Corporate Card Without Bank Account
Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
This is Rain’s core wedge, it turns self custodied stablecoins into a usable corporate spend balance without forcing the company back through a bank account first. In practice, a customer posts USDC or another supported stablecoin into a smart contract it controls, Rain extends a matching credit line, and when the statement arrives the customer can repay from the wallet or from posted collateral inside the dashboard. Brex and Ramp, by contrast, are built around autopay and statement settlement from connected bank accounts, which makes them better for fiat native finance teams but less natural for on chain treasuries.
-
Rain designed the product as an asset backed credit card rather than a deposit account. That lets customers keep tokens in their own contract, avoid handing custody to Rain, and still pay card bills by signing an on chain transaction instead of wiring money out to a bank first.
-
The timing matters. After SVB, Silvergate, and Signature, many crypto native businesses wanted less bank exposure, not more. Rain saw stronger demand from larger companies with international entities and complex treasury setups that wanted spend tools while keeping more assets on chain and under their own control.
-
This also explains why Rain looks less like a pure Ramp or Brex clone and more like new infrastructure under a familiar card form factor. Rain monetizes with interchange and subscriptions like those incumbents, but the harder part it is building is bill pay, reimbursement, and settlement for wallets, stablecoins, ACH, wires, and global entities in one flow.
The next step is for this wallet first repayment model to spread beyond crypto native companies into any business that holds stablecoins for treasury, cross border vendor payments, or payroll. If that happens, cards become the first everyday interface for a broader stablecoin finance stack, and the company that owns repayment and settlement workflows will have the strongest position.