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Project Overview
Rain is blockchain-based card issuing and stablecoin interoperability platform. Rain is an issuer with the Visa Network and offers solutions for card programs across a number of regions and use cases.
Visa's stablecoin settlement volume surpasses $20 billion annualized, with over 160 related card programs
Odaily News Payment technology company Visa's stablecoin settlement volume has exceeded $20 billion on an annualized basis, growing more than 15-fold from a year ago. Over 160 stablecoin-linked card programs have been launched globally, with related payment volumes increasing nearly 200% year-over-year.Stablecoin card programs require daily settlement before cardholders repay, with some programs needing only a few million dollars per transaction while settling continuously seven days a week. Visa stated that some cryptocurrency-linked card businesses are constrained by working capital adapted to continuous settlement cycles, and on-chain credit can reduce financing costs by up to 30%.Credit Coop, in partnership with Visa, launched a stablecoin-denominated revolving credit facility that has executed over 9,000 on-chain repayments. The platform has accumulated total financing exceeding $2.5 billion, processing over 3,000 borrowings and 9,000 repayments without any defaults. Visa Principal Member Rain has been using this facility to finance daily settlements since August 2023. (Bitcoin.com News)
ZachXBT Warns: Rain Protocol Likely Linked to Serial Scam Team—Investors Advised to Avoid
According to an investigation by on-chain detective ZachXBT, Rain Protocol ($RAIN), a prediction market project with a market cap of approximately $8.8 billion, faces serious risks. ZachXBT traced on-chain addresses and found that RAIN’s team funding is linked to the Gems hot wallet. The same addresses previously transferred funds simultaneously for the failed projects DOP and TOMI—suggesting possible team overlap. TOMI, DOP, and Sirin Labs all trace back to controversial Israeli businessman Moshe Hogeg, who was detained in 2021 for crypto-related fraud and charged by police in 2023 with orchestrating a $290 million cryptocurrency fraud scheme. Additionally, $RAIN’s token price appears to be manipulated on-chain; its Total Value Locked (TVL) consists almost entirely of its own highly illiquid native token, and its annual fee revenue amounts to only about $1 million. Gems.vip—the launchpad that incubated these projects—is reportedly preparing a new presale for Kai Platform. Meanwhile, DOP’s previously raised $162 million remains unaccounted for, prompting ongoing complaints from retail investors.
Rain receives Mastercard support to advance on-chain settlement integration, valuation approaches $2 billion
stablecoin infrastructure startup Rain is now valued at $1.95 billion and has announced a partnership with payment giant Mastercard to issue credit and prepaid cards, while also exploring the use of stablecoins for payment settlements. Previously, Rain primarily relied on the Visa network for its card products. This collaboration with Mastercard marks its entry into a "dual-card network" strategy, further expanding its institutional client market. Rain stated that the partnership will focus on serving large institutional clients already deeply integrated with a single payment network, enabling them to introduce stablecoin settlement capabilities without altering their existing payment systems.Meanwhile, the application of stablecoins continues to expand across the industry, with institutions such as Stripe and Coinbase actively promoting the integration of stablecoin payments and settlements. This indicates that the convergence of traditional finance and crypto payment infrastructure is accelerating. Analysts suggest that as regulatory frameworks gradually become clearer, stablecoins are rapidly transitioning from trading tools to enterprise payment and cross-border settlement infrastructure. (Fortune)
Stablecoin payment company Rain applies for a U.S. national trust bank charter, planning to offer digital asset custody and stablecoin issuance and redemption services.
According to Cointelegraph, stablecoin payment infrastructure provider Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. If approved, the bank will provide fiduciary custody services for digital assets and U.S. dollars to institutional clients, manage reserve assets for eligible stablecoin issuers, and issue and redeem USD stablecoins in accordance with the GENIUS Act. This application arrives as U.S. community banks mount legal challenges against crypto trust bank charters. The Independent Community Bankers of America (ICBA) recently sued the OCC, seeking to overturn the relevant charter regulations and block the agency from continuing to approve new national trust banks under this framework.
Rain applies to establish a U.S. national trust bank, community bank organization sues OCC
Odaily reports: Stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. Once approved, the bank will be able to provide institutional clients with digital asset and USD fiduciary custody, as well as stablecoin reserve management services.Rain stated that Rain National Trust Bank may also issue and redeem USD-backed stablecoins in accordance with the GENIUS Act. Former Square Financial Services Chief Financial Officer Brandon Soto will serve as President and CEO of the proposed bank, subject to OCC review.The Independent Community Bankers of America (ICBA) sued the OCC on Friday, alleging that it allowed non-depository trust banks to conduct a wide range of non-fiduciary activities, exceeding its regulatory authority. The ICBA is asking the court to overturn the OCC's chartering rule introduced in March 2026 and Interpretive Letter 1176 from 2021, and to block the approval of more licenses based on those documents.The Crypto Council for Innovation said the lawsuit is intended to restrict innovation. The ICBA complaint states that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies. (Cointelegraph)
1685 users affected, Avici will fully refund card balances of $500,900
Odaily News, Avici announced that its card partner Rain discovered today a vulnerability in an old Solana card contract used by Avici and a few other projects. The relevant contract has now been upgraded across all projects, and no further unauthorized activity has been detected. This incident only affected the standalone Solana contract used to hold post-deposit card balances; users' Avici wallets and card balances are isolated from each other, and funds in Solana and EVM self-custody wallets are safe and unaffected. Upon review, a total of 1,685 users were affected, with combined card balances of approximately $500,900. Avici has committed to fully refunding card balances to all affected users and has filed a report with the FBI's Internet Crime Complaint Center (IC3). Previously reported, Avici, a crypto banking project, saw its native token AVICI allegedly suffer a hacker attack, with losses of approximately $1.02 million. The attacker transferred 10,000 SOL stolen from the project to another wallet, converted it into approximately $1.02 million USDC, and then swapped the funds into approximately 418 ETH via cross-chain operations.
Rain receives Mastercard support to advance on-chain settlement integration, valuation approaches $2 billion
stablecoin infrastructure startup Rain is now valued at $1.95 billion and has announced a partnership with payment giant Mastercard to issue credit and prepaid cards, while also exploring the use of stablecoins for payment settlements. Previously, Rain primarily relied on the Visa network for its card products. This collaboration with Mastercard marks its entry into a "dual-card network" strategy, further expanding its institutional client market. Rain stated that the partnership will focus on serving large institutional clients already deeply integrated with a single payment network, enabling them to introduce stablecoin settlement capabilities without altering their existing payment systems.Meanwhile, the application of stablecoins continues to expand across the industry, with institutions such as Stripe and Coinbase actively promoting the integration of stablecoin payments and settlements. This indicates that the convergence of traditional finance and crypto payment infrastructure is accelerating. Analysts suggest that as regulatory frameworks gradually become clearer, stablecoins are rapidly transitioning from trading tools to enterprise payment and cross-border settlement infrastructure. (Fortune)
1685 users affected, Avici will fully refund card balances of $500,900
Odaily News, Avici announced that its card partner Rain discovered today a vulnerability in an old Solana card contract used by Avici and a few other projects. The relevant contract has now been upgraded across all projects, and no further unauthorized activity has been detected. This incident only affected the standalone Solana contract used to hold post-deposit card balances; users' Avici wallets and card balances are isolated from each other, and funds in Solana and EVM self-custody wallets are safe and unaffected. Upon review, a total of 1,685 users were affected, with combined card balances of approximately $500,900. Avici has committed to fully refunding card balances to all affected users and has filed a report with the FBI's Internet Crime Complaint Center (IC3). Previously reported, Avici, a crypto banking project, saw its native token AVICI allegedly suffer a hacker attack, with losses of approximately $1.02 million. The attacker transferred 10,000 SOL stolen from the project to another wallet, converted it into approximately $1.02 million USDC, and then swapped the funds into approximately 418 ETH via cross-chain operations.
Western Union Launches Stablecard in 37 Markets, Integrating USDPT Remittances
Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet and Visa-branded card that enables users to hold and spend US dollar-pegged stablecoins. The product is now available in 37 markets, with Western Union planning to expand to more than 60 markets by the end of this year. Stablecard supports USDPT, a US dollar-pegged stablecoin issued by Anchorage Digital Bank and running on the Solana blockchain. Users can directly receive Western Union remittances and transfer funds to compatible crypto wallets and exchanges. Users can also spend their balances at all Visa-accepting merchants, as well as through Apple Pay and Google Pay. Western Union also unveiled USDPT in May and expanded its ecosystem through exchange partnerships in June.
Western Union officially launches Stablecard stablecoin payment card, initially covering 37 markets
Odaily News: Global remittance giant Western Union has announced the official launch of Stablecard, built on Rain's stablecoin infrastructure. Users can directly receive USDPT, a stablecoin issued by Western Union and minted on Solana via Anchorage Digital Bank, and spend instantly at Visa-accepting merchants worldwide through the integrated Visa card, or choose to withdraw cash. Stablecard initially covers 37 markets, with Western Union planning to expand to over 60 markets by the end of the year. The company stated that stablecoins will help reduce upfront capital requirements for cross-border remittances, improve capital efficiency, and support the launch of additional digital financial services.
1685 users affected, Avici will fully refund card balances of $500,900
Odaily News, Avici announced that its card partner Rain discovered today a vulnerability in an old Solana card contract used by Avici and a few other projects. The relevant contract has now been upgraded across all projects, and no further unauthorized activity has been detected. This incident only affected the standalone Solana contract used to hold post-deposit card balances; users' Avici wallets and card balances are isolated from each other, and funds in Solana and EVM self-custody wallets are safe and unaffected. Upon review, a total of 1,685 users were affected, with combined card balances of approximately $500,900. Avici has committed to fully refunding card balances to all affected users and has filed a report with the FBI's Internet Crime Complaint Center (IC3). Previously reported, Avici, a crypto banking project, saw its native token AVICI allegedly suffer a hacker attack, with losses of approximately $1.02 million. The attacker transferred 10,000 SOL stolen from the project to another wallet, converted it into approximately $1.02 million USDC, and then swapped the funds into approximately 418 ETH via cross-chain operations.
Avici: Solana Card Contract Vulnerability Affects Approximately $500,900 in Card Balances; Affected Users Will Receive Full Refunds
Avici stated that its card-issuing partner, Rain, discovered a vulnerability in a specific version of the Solana card contract used by Avici and a few other projects. The relevant contracts have since been upgraded, and no further unauthorized activity has been detected to date. Avici clarified that user wallets and card balances are independent, meaning funds in Solana and EVM wallets remain unaffected; this incident only impacted the isolated Solana contract designated for storing card balances. Current reconciliations indicate that 1,685 users were affected, involving card balances totaling $500,859.22. All affected users will receive full refunds.
Rain launches embedded stablecoin wallet, supporting 12 blockchains and connecting to 175 million merchants worldwide
stablecoin payment platform Rain has launched an embedded stablecoin wallet that partners can integrate into their own applications, with services including bank cards, virtual accounts, rewards, fiat on-ramps and off-ramps, and global payouts. The wallet supports 12 blockchains: Arbitrum, Avalanche, Base, BNB Chain, Celo, Ethereum, Monad, Plasma, Optimism, Polygon, Solana, and ZKsync. It can hold stablecoins such as USDC and USDT as well as other crypto assets, and can be used for spending at 175 million merchant locations worldwide through bank cards issued by Rain. The non-custodial wallet is now available to Rain partners, while the custodial wallet and stablecoin balance yield features are expected to launch by the end of 2026.
Rain applies to establish a U.S. national trust bank, community bank organization sues OCC
Odaily reports: Stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. Once approved, the bank will be able to provide institutional clients with digital asset and USD fiduciary custody, as well as stablecoin reserve management services.Rain stated that Rain National Trust Bank may also issue and redeem USD-backed stablecoins in accordance with the GENIUS Act. Former Square Financial Services Chief Financial Officer Brandon Soto will serve as President and CEO of the proposed bank, subject to OCC review.The Independent Community Bankers of America (ICBA) sued the OCC on Friday, alleging that it allowed non-depository trust banks to conduct a wide range of non-fiduciary activities, exceeding its regulatory authority. The ICBA is asking the court to overturn the OCC's chartering rule introduced in March 2026 and Interpretive Letter 1176 from 2021, and to block the approval of more licenses based on those documents.The Crypto Council for Innovation said the lawsuit is intended to restrict innovation. The ICBA complaint states that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies. (Cointelegraph)
Stablecoin payment company Rain adds support for Korean won stablecoin KRW1
Odaily report: KRW1 is issued by BDACS on Avalanche and is pegged 1:1 to the Korean won. Users can pay with KRW1 via Visa card.
MoneyGram Launches Its First Stablecoin Visa Card in Colombia, Initially Supporting USDC
Odaily News — Global payments company MoneyGram has launched its first stablecoin Visa card in Colombia, developed with assistance from stablecoin payment infrastructure company Rain. The card is currently available in digital form, allowing users to hold U.S. dollar stablecoin balances within the MoneyGram app and make online and offline payments through the Visa network. Users can also convert their balances into local cash and withdraw at MoneyGram locations. The card initially supports USDC, and MoneyGram plans to add its own stablecoin MGUSD in the near future. The company also plans to launch a physical card by the end of 2026 and expand its business to other Latin American markets first. (The Block)
Visa's stablecoin settlement volume surpasses $20 billion annualized, with over 160 related card programs
Odaily News Payment technology company Visa's stablecoin settlement volume has exceeded $20 billion on an annualized basis, growing more than 15-fold from a year ago. Over 160 stablecoin-linked card programs have been launched globally, with related payment volumes increasing nearly 200% year-over-year.Stablecoin card programs require daily settlement before cardholders repay, with some programs needing only a few million dollars per transaction while settling continuously seven days a week. Visa stated that some cryptocurrency-linked card businesses are constrained by working capital adapted to continuous settlement cycles, and on-chain credit can reduce financing costs by up to 30%.Credit Coop, in partnership with Visa, launched a stablecoin-denominated revolving credit facility that has executed over 9,000 on-chain repayments. The platform has accumulated total financing exceeding $2.5 billion, processing over 3,000 borrowings and 9,000 repayments without any defaults. Visa Principal Member Rain has been using this facility to finance daily settlements since August 2023. (Bitcoin.com News)
1685 users affected, Avici will fully refund card balances of $500,900
Odaily News, Avici announced that its card partner Rain discovered today a vulnerability in an old Solana card contract used by Avici and a few other projects. The relevant contract has now been upgraded across all projects, and no further unauthorized activity has been detected. This incident only affected the standalone Solana contract used to hold post-deposit card balances; users' Avici wallets and card balances are isolated from each other, and funds in Solana and EVM self-custody wallets are safe and unaffected. Upon review, a total of 1,685 users were affected, with combined card balances of approximately $500,900. Avici has committed to fully refunding card balances to all affected users and has filed a report with the FBI's Internet Crime Complaint Center (IC3). Previously reported, Avici, a crypto banking project, saw its native token AVICI allegedly suffer a hacker attack, with losses of approximately $1.02 million. The attacker transferred 10,000 SOL stolen from the project to another wallet, converted it into approximately $1.02 million USDC, and then swapped the funds into approximately 418 ETH via cross-chain operations.
Related news
Rain launches embedded stablecoin wallet, supporting 12 blockchains and connecting to 175 million merchants worldwide
stablecoin payment platform Rain has launched an embedded stablecoin wallet that partners can integrate into their own applications, with services including bank cards, virtual accounts, rewards, fiat on-ramps and off-ramps, and global payouts. The wallet supports 12 blockchains: Arbitrum, Avalanche, Base, BNB Chain, Celo, Ethereum, Monad, Plasma, Optimism, Polygon, Solana, and ZKsync. It can hold stablecoins such as USDC and USDT as well as other crypto assets, and can be used for spending at 175 million merchant locations worldwide through bank cards issued by Rain. The non-custodial wallet is now available to Rain partners, while the custodial wallet and stablecoin balance yield features are expected to launch by the end of 2026.
Stablecoin payment company Rain applies for a U.S. national trust bank charter, planning to offer digital asset custody and stablecoin issuance and redemption services.
According to Cointelegraph, stablecoin payment infrastructure provider Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. If approved, the bank will provide fiduciary custody services for digital assets and U.S. dollars to institutional clients, manage reserve assets for eligible stablecoin issuers, and issue and redeem USD stablecoins in accordance with the GENIUS Act. This application arrives as U.S. community banks mount legal challenges against crypto trust bank charters. The Independent Community Bankers of America (ICBA) recently sued the OCC, seeking to overturn the relevant charter regulations and block the agency from continuing to approve new national trust banks under this framework.
Rain applies to establish a U.S. national trust bank, community bank organization sues OCC
Odaily reports: Stablecoin payment infrastructure provider Rain has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. Once approved, the bank will be able to provide institutional clients with digital asset and USD fiduciary custody, as well as stablecoin reserve management services.Rain stated that Rain National Trust Bank may also issue and redeem USD-backed stablecoins in accordance with the GENIUS Act. Former Square Financial Services Chief Financial Officer Brandon Soto will serve as President and CEO of the proposed bank, subject to OCC review.The Independent Community Bankers of America (ICBA) sued the OCC on Friday, alleging that it allowed non-depository trust banks to conduct a wide range of non-fiduciary activities, exceeding its regulatory authority. The ICBA is asking the court to overturn the OCC's chartering rule introduced in March 2026 and Interpretive Letter 1176 from 2021, and to block the approval of more licenses based on those documents.The Crypto Council for Innovation said the lawsuit is intended to restrict innovation. The ICBA complaint states that the OCC has approved or conditionally approved at least 21 trust banks, of which at least 13 are cryptocurrency companies. (Cointelegraph)
Stablecoin payment company Rain adds support for Korean won stablecoin KRW1
Odaily report: KRW1 is issued by BDACS on Avalanche and is pegged 1:1 to the Korean won. Users can pay with KRW1 via Visa card.
MoneyGram Launches Its First Stablecoin Visa Card in Colombia, Initially Supporting USDC
Odaily News — Global payments company MoneyGram has launched its first stablecoin Visa card in Colombia, developed with assistance from stablecoin payment infrastructure company Rain. The card is currently available in digital form, allowing users to hold U.S. dollar stablecoin balances within the MoneyGram app and make online and offline payments through the Visa network. Users can also convert their balances into local cash and withdraw at MoneyGram locations. The card initially supports USDC, and MoneyGram plans to add its own stablecoin MGUSD in the near future. The company also plans to launch a physical card by the end of 2026 and expand its business to other Latin American markets first. (The Block)
Visa's stablecoin settlement volume surpasses $20 billion annualized, with over 160 related card programs
Odaily News Payment technology company Visa's stablecoin settlement volume has exceeded $20 billion on an annualized basis, growing more than 15-fold from a year ago. Over 160 stablecoin-linked card programs have been launched globally, with related payment volumes increasing nearly 200% year-over-year.Stablecoin card programs require daily settlement before cardholders repay, with some programs needing only a few million dollars per transaction while settling continuously seven days a week. Visa stated that some cryptocurrency-linked card businesses are constrained by working capital adapted to continuous settlement cycles, and on-chain credit can reduce financing costs by up to 30%.Credit Coop, in partnership with Visa, launched a stablecoin-denominated revolving credit facility that has executed over 9,000 on-chain repayments. The platform has accumulated total financing exceeding $2.5 billion, processing over 3,000 borrowings and 9,000 repayments without any defaults. Visa Principal Member Rain has been using this facility to finance daily settlements since August 2023. (Bitcoin.com News)