Stablecoin Cards Target CFO Teams
Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
Ramp and Brex turned the corporate card into the front door for the whole finance stack. The card gets them daily transaction data, employee level spend controls, and a natural reason to sit in the CFO team’s workflow. From there they can add bill pay, reimbursements, travel, and accounting automation, which makes the product less about swiping a card and more about running how money moves through the company.
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The wedge works because cards create constant touchpoints. Finance teams issue cards, set merchant limits, review receipts, and close the books every month. That gives Ramp and Brex a live feed of spend data they can use to automate approvals, coding, and policy enforcement.
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Both companies expanded beyond interchange into software. Ramp is now a broad finance platform spanning cards, bill pay, procurement, travel, and treasury, and Brex similarly bundles cards, expenses, and business accounts. That is why the real buyer is the finance leader, not just the employee making purchases.
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Rain is taking a different path. Its core workflow starts with a company depositing self custodied stablecoins as collateral, then using Visa cards that settle against that collateral. That makes Rain closer to payments infrastructure for crypto native companies than a classic CFO suite built around U.S. bank rails.
The next phase is a split market. Ramp and Brex keep climbing upward into full finance operating systems for mainstream companies, while Rain and similar players build the crypto native rails beneath cards, payouts, and treasury tools. Over time, the winner in each lane will be the company that owns the underlying money movement, not just the plastic card.