Stablecoin Cards Power Rain’s Rise as Global Crypto Payments Expand

TLDR

• Rain has raised $250M and now operates in over 150 countries using stablecoin cards
• Stablecoin transactions jumped 72% to reach $33 trillion in global volume
• Stablecoin payments may grow to $56.6 trillion by 2030, per Bloomberg Intelligence
• Dragonfly says stablecoin cards are rising fast in emerging markets in 2026

Stablecoin-powered payment cards are seeing rapid global adoption as a new way to enable digital dollar payments. Dragonfly Management partner Haseeb Qureshi says these cards will be a defining trend in the cryptocurrency space in 2026, especially in emerging markets where users benefit from fast, low-cost access to financial services, often without knowing crypto is involved.

Stablecoin Cards See Fast Adoption in Emerging Markets

Stablecoin cards are gaining traction worldwide in 2026, with a growing number of fintech firms offering digital dollar access through global card networks. Haseeb Qureshi, Managing Partner at crypto investment firm Dragonfly Management, says these cards will be one of the defining trends of the cryptocurrency market this year.

Qureshi noted that many users in emerging economies are using stablecoin-based cards without realizing they are powered by crypto. “All they know is that all of a sudden, they can pay people and buy stuff in dollars, any time, anywhere, and it all just works,” he said in a recent post on X (formerly Twitter).

Rain, one of the fastest-growing fintech companies, has emerged as a key player in the sector. The company recently raised $250 million, reaching a valuation of $1.95 billion. Rain offers stablecoin cards issued through the Visa network, supporting USDT and USDC on multiple blockchains.

Stablecoin Transactions Reach Record Highs

According to Artemis Analytics Inc., stablecoin transaction volume surged 72% year-over-year, hitting $33 trillion. The growth has been driven by broader use of stablecoins in cross-border payments and consumer spending, especially in countries where local currencies are volatile.

Rain CEO Farooq Malik said the company will use the new funding to expand across the Americas, Europe, Asia, and Africa. He added that a major focus will be on working with regulators to secure licenses in new markets. Dragonfly joined the latest funding round along with ICONIQ, Sapphire Ventures, Lightspeed, Galaxy Ventures, and Bessemer Venture Partners.

Infrastructure Works Without Users Knowing It’s Crypto

Stablecoin cards allow users to make purchases or withdraw cash globally using dollars, while the backend settlement runs on blockchain infrastructure. This is especially useful in areas with unstable currencies, limited banking access, or high remittance fees.

The approach avoids the need to rebuild merchant networks from scratch. Rain’s stablecoin cards are accepted in over 150 countries using the Visa payment rails already in place. This mirrors how Apple Pay used existing infrastructure to introduce a new consumer experience.

However, critics argue that consumer stablecoin checkout in developed markets lacks the incentives needed to displace traditional cards. Better Tomorrow Ventures GP Sheel Mohnot said stablecoin payments fail to offer exclusivity or rewards, both of which were critical in the success of earlier networks like PayPal, Discover, and AliPay.

AI Transactions Could Shift Payment Models

One area where stablecoins may have a long-term role is in machine-to-machine payments. As AI agents begin transacting independently, traditional credit card models, tied to human identity and credit checks, may not apply. Qureshi suggested that stablecoins offer programmable and instant settlement without human friction, which could be useful in AI-native commerce.

Still, mainstream adoption would require exclusive AI marketplaces, which do not yet exist. Meanwhile, institutional adoption is rising. Western Union is planning to launch a stablecoin-based settlement network using Solana.

It also intends to roll out a stablecoin card aimed at emerging market consumers later in 2026. The rise of stablecoin cards comes amid favorable U.S. policies under President Donald Trump and the passage of the GENIUS Act, which has prompted other countries like Canada and the UK to develop their own stablecoin regulations.

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