Overview
- Rain, in a Monday announcement, said it will issue credit and prepaid cards on Mastercard and test stablecoin settlement for institutional clients.
- The partnership moves Rain beyond its Visa-only setup to a dual-network model meant for enterprises that cannot switch from their existing payment rails.
- Rain’s platform lets clients such as neobanks back card purchases with customers’ stablecoin balances, so charges draw from crypto deposits instead of dollars.
- Stablecoins are cryptocurrencies pegged to assets like the U.S. dollar, which helps keep values steady for everyday payments and back-end settlement.
- Mastercard’s push includes a March agreement to acquire BVNK for up to $1.8 billion, and broader adoption has grown after U.S. stablecoin rules under the Genius Act and new payouts and checkout options from Meta, Shopify, Stripe, and Coinbase.