On August 19, The Block reported that Rain CEO Farooq Malik stated that through partnerships with networks like Visa, stablecoin payments facilitated by Rain have reached over 100,000 merchants, most of whom are unaware of it. Currently, transactions settled through the Visa network take about three days. Malik noted that if merchants choose to settle directly with stablecoins, they can receive funds on the same day. Rain completed a $250 million Series C funding round in January, with a post-money valuation of $1.95 billion, an annual transaction volume exceeding $3 billion, and has partnered with Visa and Mastercard to launch stablecoin cards and wallets, planning to explore the use of regulated stablecoins for on-chain settlements in certain business processes.