Exclusive: Stablecoin startup Rain is worth $1.95 billion and plans to issue cards with Mastercard in a push to woo institutional customers

The buzzy stablecoin startup Rain is now working with the two largest card networks. The company announced on Monday that it was offering credit and prepaid cards with Mastercard. Rain previously only worked with Visa to issue cards. 

Rain also said it was working with Mastercard to explore how to settle payments with the public company using stablecoins, or cryptocurrencies pegged to real-world assets like the U.S. dollar. 

Valued at $1.95 billion in a January fundraise, Rain helps its clients launch cards backed by users’ stablecoin deposits, among other services. The startup, for example, works with neobanks who want to let their customers use their crypto deposits, instead of U.S. dollars,........

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