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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN CARD

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Stablecoin card issuer · Anatomy of a Stablecoin Card

Rain

A card platform that is its own Visa and Mastercard member. Programs post USDC or USDT as collateral onchain, and Rain pays Visa in USDC every day.

Company
Rain (Signify Holdings)
Network
Visa and Mastercard principal
Card volume
$554.8M in 30 days
Founded
2021
Licensed as
Cards are issued by Nimbus LLC (Third National), a Rain subsidiary organized in Puerto Rico that its card terms call a licensed lender. Rain says it is not a bank. A separate US debit card is issued by Cross River Bank.
BINs and regions
Its own Visa BINs, issued from Puerto Rico. Rain added Visa membership in Asia Pacific in Mar 2026 and Mastercard in May 2026. Cards are in USD; Rain says it reaches 150+ countries.
Card types
Collateral backed credit, prepaid and corporate cards. US debit through Cross River Bank.
How programs fund it
Users or programs post USDC or USDT into onchain collateral accounts on chains such as Ethereum, Base, Solana, Polygon and Tron. Rain borrows USDC from lenders to pay Visa.
Pays the network
Pays Visa in USDC seven days a week since May 2025. Mastercard onchain settlement was still being explored in May 2026.
Card volume
$4.7B all time and $554.8M in the last 30 days, an onchain estimate not confirmed by Rain (PaymentScan, Nov 3, 2026). Rain says 200+ partners, including Western Union and Nuvei.
Programs it powers
KAST, ether.fi, Avalanche Card, Avici, Tria, Plasma One and others.
Pros
No sponsor bank in the middle; principal on Visa and, since May 2026, Mastercard; USDC settlement every day of the year; a long list of funding chains.
Cons
USD cards only in the terms reviewed; collateral contracts carry code risk (an outdated Solana contract was drained of about $1.1M in Aug 2026, and Rain said users would be made whole).
Rules
As a principal member Rain answers to Visa and Mastercard for every card on its BINs: KYC, AML, disputes and daily settlement.

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Public information as of September 2026, simplified. Not legal or investment advice. Open the full stablecoin cards world.

Sources291Created by Andres Lamothe