Stablecoin infrastructure firm Rain has secured $250 million in Series C funding led by ICONIQ, reaching a valuation of $1.95 billion. The round included Sapphire Ventures, Dragonfly, Bessemer, Galaxy Ventures, FirstMark, Lightspeed, Norwest, and Endeavor Catalyst, bringing total funding to $338 million. The company will use the new capital to obtain licenses and expand stablecoin services in North America, South America, Europe, Asia, and Africa; its Visa cards operate in 150+ countries and handle over $3 billion in annualized transactions for 200+ partners like Western Union.

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