Rain CEO says stablecoin payments hit 100,000 merchants via Visa rails

Rain CEO Farooq Malik told The Block that stablecoin payments now reach more than 100,000 merchants without their awareness, with transactions settling through Visa in three days. The infrastructure routes dollar-pegged tokens through existing card networks, converting to fiat at settlement so merchants never touch crypto directly.

The supply-framed milestone signals a shift in how stablecoins enter commerce. Rather than convincing merchants to add new checkout options, issuers and infrastructure providers are embedding settlement into rails businesses already use. Visa's network handles the conversion, while stablecoin issuers manage the on-chain leg.

What triggered the move

Malik attributed the scale to partnerships with payment processors that sit between card networks and blockchain settlement layers. These processors absorb volatility risk and handle compliance, letting merchants accept cards while stablecoins move underneath. The three-day settlement matches standard Visa timelines, removing friction for businesses that measure cash flow in days, not blocks.

The liquidity picture

Market data shows stablecoin supply across major issuers has grown steadily through 2026, with Tether and Circle reporting combined circulation above $160 billion as of August. Payment-specific stablecoins — designed for throughput rather than trading — now account for a rising share of on-chain volume. Data from Artemis shows daily stablecoin transfer count averaging 1.2 million in July, up from 900,000 in January. Market data shows | Payment-focused stablecoin share | 12% | 18% | +6pp |

What insiders are saying

Infrastructure operators describe a two-track adoption curve. Large enterprises pilot branded stablecoin products, while small merchants onboard passively through processor upgrades. "The merchant doesn't need to know it's a stablecoin," one processor executive said. "They just see faster settlement and lower fees.

Regulatory context and the next catalyst

The GENIUS Act, passed by the Senate in July, defines payment stablecoins and sets reserve requirements. House markup is scheduled for September 10. If enacted, the framework would let more processors offer stablecoin settlement legally, potentially doubling the merchant count within two quarters. The desk's read is that the 100,000 figure represents early penetration — most U.S. card-accepting businesses have yet to be reached.

What on-chain data shows

Wallet analytics from Nansen indicate that addresses interacting with payment-processor contracts grew 40% quarter-over-quarter. Median transaction size clustered around $85, consistent with retail commerce rather than wholesale settlement. The pattern suggests organic usage, not wash trading.

Watchlist: September 10 House markup on GENIUS Act; Visa earnings call October 28 for stablecoin volume disclosure; Circle and Tether Q3 attestations for supply trajectory.