Stablecoin Cards Power On-Chain Treasuries
Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
This moment shows Rain’s real wedge was not better crypto spending, it was becoming a survival tool for companies that suddenly could not rely on banks. After SVB, Silvergate, and Signature failed or pulled back, crypto native software businesses still had payroll, SaaS, travel, and vendor bills, but many lost dependable places to hold dollars. That pushed treasury activity back on-chain and made self custody plus card access feel safer and more usable than waiting on fragile bank relationships.
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Rain found that the hardest hit customers were not speculators, they were operating businesses with real dollar expenses and sometimes millions in weekly on-chain revenue. For them, the problem shifted from moving crypto into banks to spending directly from on-chain balances without off-ramping first.
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The product design follows directly from that demand. Rain generates a customer controlled smart contract, lets stablecoins sit there as collateral, extends a credit line against it, and lets the company repay by ACH, wire, check, wallet, or by using posted collateral. That avoids turning Rain into a deposit holder or custodian.
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This put Rain in a different lane from Brex and Ramp. Those products start with a bank account and use cards to expand into spend management. Rain starts with self custodied stablecoins and uses the card as the bridge into normal business purchases like AWS, Zoom, flights, taxis, and reimbursements.
The next phase is a broader treasury stack built around digital dollars as a primary operating balance, not a side wallet. As more companies want instant settlement, global payroll, and direct spending from token balances, the winners will be the platforms that make on-chain money work at the same everyday points of sale where bank money works now.