Rain acquired Ansa, a startup specializing in white-label prepaid wallet software for merchants, adding fiat-denominated payment rails to its existing stablecoin-backed card issuance platform.
Ansa's software lets merchants offer branded wallets where customers load funds in advance. Those balances are held in U.S. dollars and spent directly with the issuing brand—a different model from Rain's core offering, which runs on stablecoin deposits.
Rain helps enterprise clients launch payment cards backed by user stablecoin deposits. The company, valued at $1.95 billion in a January fundraise, built its platform for on-chain money movement at scale, allowing partners to issue cards and manage funds across regions without complex local integrations.
The Ansa deal follows Rain's partnership announcement with Mastercard, which expands its card issuance capabilities beyond a prior exclusive arrangement with Visa. Rain is also exploring stablecoin settlement with Mastercard to streamline on-chain payment flows for enterprise clients.
Farooq Malik, Rain's co-founder and CEO, said the Mastercard partnership targets larger institutions. Many enterprise clients carry multi-year commitments to specific payment networks, and the integration lets them adopt Rain's stablecoin infrastructure without renegotiating existing provider relationships.
President Donald Trump signed the GENIUS Act in July, establishing federal regulatory guidelines for payment stablecoins. Meta rolled out stablecoin payout options for creators in Colombia and the Philippines last Wednesday. Shopify partnered with Coinbase and Stripe in June to offer stablecoin payments, and SpaceX uses stablecoins in its corporate treasury.
Mastercard's stablecoin push extends beyond Rain. The payments network announced in March a deal to acquire stablecoin firm BVNK for up to $1.8 billion. Jorn Lambert, Mastercard's chief product officer, said after the BVNK deal that the market will emerge when many partners in an innovative value chain collectively advance the ecosystem.
Rain competes with Bridge, acquired by Stripe in February 2025 for $1.1 billion, which offers comparable stablecoin-backed card services. Bridge expanded its Visa partnership in March to support card issuance in more than 100 countries.
Rain operates as a financial technology company, not a bank or asset custodian, and works with licensed institutions for payment products and card issuance. Banking services are provided by SSB, a Member FDIC institution, with funds eligible for FDIC insurance up to $250,000 per depositor.
