Rain CEO: Stablecoin payments have reached over 100,000 merchants, most use them 'without noticing'

PANews reported on August 19, citing The Block, that Farooq Malik, CEO of crypto payment company Rain, said that by partnering with networks such as Visa, Rain has enabled stablecoin payments to reach more than 100,000 merchants, most of whom are unaware, and that transactions currently take about three days to settle through the Visa network. Malik said that if merchants choose to settle directly using stablecoins, same-day settlement can be achieved. Rain completed a $250 million Series C funding round in January, with a post-money valuation of $1.95 billion and annualized transaction volume exceeding $3 billion. It has also partnered with Visa and Mastercard to launch stablecoin cards and wallets, and plans to explore using regulated stablecoins for on-chain settlement in some business processes.