Dragonfly’s Haseeb Qureshi Flags Stablecoin Cards as Emerging Trend After Rain’s $250M Raise

• Dragonfly’s Haseeb Qureshi said stablecoin cards could become a big crypto theme in 2026 after Rain’s $250 million Series C raise.
• Qureshi said stablecoin adoption is accelerating globally as crypto becomes embedded in everyday payment systems.

Dragonfly, a crypto-focused venture capital firm’s, managing partner Haseeb Qureshi commented that stablecoin cards are expected to be one of the big crypto themes in 2026, aiming to give the benefits of blockchain while maintaining the experience of making payments familiar to consumers. 

He posted these comments after Rain, a stablecoin infrastructure provider, revealed on Friday that it has raised $250 million in a Series C fundraising round led by ICONIQ, bringing its valuation to $1.95 billion.

The round takes Rain’s total capital to $338 million, as this followed a $58 million Series B financing led by Sapphire Ventures in August 2025 and a $24.5 million round in March of that year. Now, in this Series C investment, Sapphire Ventures, Dragonfly, Bessemer Venture Partners, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst all invested. 

According to the announcement, Rain presently facilitates compliant stablecoin card programs and wallets for over 200 partners, including Western Union, Nuvei, and KAST, with an annual transaction volume of more than $3 billion.

Rain programs facilitate both regular consumer transactions and enterprise settlements. The platform supports stablecoins such as Tether (USDT) and USDC across multiple blockchain networks, including Ethereum, Solana, Tron, and Stellar.

With that, Qureshi said, “For many Rain users, especially in emerging markets, they don’t even know that it’s crypto under the hood,” underscored that Rain is part of a new wave of stablecoin firms that integrate blockchain into payment systems for faster settlement, reduced costs, and wider global reach while maintaining a seamless experience for consumers.

Regulatory Clarity Fuels Stablecoin Growth

As stablecoins gain popularity among governments and large institutions because of the U.S. President Donald Trump’s GENIUS Act, signed late last year, was seen to strengthen regulatory momentum.

Following this,  Wyoming announced a dollar-backed Frontier Stable Token (FRNT) on January 7th and made history as the first and only US state to issue a state-backed token.

Then, other countries like Canada and the UK are renewing their efforts to implement stablecoin frameworks in 2026 or in the near future.

Also, the  Institutional stablecoin issuance increased this year, where the UAE’s RAKBank got in-principle approval this month for the fully collateralized stablecoin pegged to the dirham.

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