Crypto
Home›Crypto›Market Structure›Rain CEO says stablecoin payments are reaching 100,000…
Rain CEO says stablecoin payments are reaching 100,000 merchants
Rain says stablecoin transactions it facilitates currently settle in about three days via Visa, and it is outlining a path to same-day merchant settlement.
Rain CEO Farooq Malik said stablecoin payments facilitated by the firm are reaching more than 100,000 merchants without the merchants realizing they are being paid in stablecoins. Malik made the comments at the Wyoming Blockchain Symposium 2026, saying the transactions currently settle through Visa’s network in about three days.
Malik also described how merchants could instead use stablecoins to settle on the same day. The remarks come as total stablecoin supply has grown to more than $290 billion, The Block data shows.
The Block reported that Tether’s USDT makes up more than $183 billion of the total stablecoin supply, while Circle’s USDC is nearly $72 billion. Rain has expanded its payments infrastructure as the market has grown, including partnerships with Visa and a Mastercard principal-member role.
Rain’s funding and expansion were also cited, including a $250 million Series C round in January at a $1.95 billion valuation, which brought total funding to $338 million. The company said it processed more than $3 billion in annualized transactions, and it discussed its work on “scoped cards” for agentic payments, designed to give AI agents controlled authority to transact within user-defined limits.