Rain as hidden stablecoin issuing layer
Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
Rain is moving from being a visible card product to being a hidden issuing and settlement layer for any company that wants to plug stablecoins into payments. It started with USDC because a regulated U.S. issuer and reserve transparency made it the safest on ramp for enterprise spend. From there it expanded into tokens with similar trust signals, including PYUSD and USDGLO, while broader platform support now covers USDT and DAI across multiple chains.
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The product logic is simple. A business parks stablecoins in a wallet or smart contract, Rain fronts the card transaction in fiat at the merchant, then settles the spend against the stablecoin balance. That same workflow can sit inside another fintech or processor, which is why the infrastructure matters more than the branded card over time.
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Token selection is really a distribution and trust decision. USDC fit early because it matched enterprise compliance needs. Adding tokens like PYUSD, USDGLO, USDT, and DAI broadens the buyer set from U.S. regulated crypto firms to more global and crypto native businesses that already hold different dollar assets on chain.
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This also expands Rain's TAM from crypto treasury teams into card issuers, wallets, neobanks, and processors. The Lithic partnership shows the model clearly. Rain provides stablecoin linked card and settlement infrastructure, while another fintech platform can own the customer relationship and embed it into its own payments stack.
The next step is for stablecoin choice to become a routing layer, not a product decision. As Rain adds more chains, more issuers, and more partners, its advantage becomes being the company that turns many on chain dollar formats into one card and payments experience that works globally and disappears into the background.