According to CoinMeta, as reported by The Block, Rain CEO Farooq Malik stated that through cooperation with networks such as Visa, the stablecoin payments facilitated by Rain have covered over 100,000 merchants. Rain completed a $250 million Series C financing in January, with a post-funding valuation of $1.95 billion and an annualized transaction volume of over $3 billion. It has also collaborated with Visa and Mastercard to launch stablecoin cards and wallets, planning to explore the use of regulated stablecoins for on-chain settlements in certain business processes.