News linked to both this project and an event.
Odaily report: KRW1 is issued by BDACS on Avalanche and is pegged 1:1 to the Korean won. Users can pay with KRW1 via Visa card.
Odaily News — Global payments company MoneyGram has launched its first stablecoin Visa card in Colombia, developed with assistance from stablecoin payment infrastructure company Rain. The card is currently available in digital form, allowing users to hold U.S. dollar stablecoin balances within the MoneyGram app and make online and offline payments through the Visa network. Users can also convert their balances into local cash and withdraw at MoneyGram locations. The card initially supports USDC, and MoneyGram plans to add its own stablecoin MGUSD in the near future. The company also plans to launch a physical card by the end of 2026 and expand its business to other Latin American markets first. (The Block)
Odaily News Payment technology company Visa's stablecoin settlement volume has exceeded $20 billion on an annualized basis, growing more than 15-fold from a year ago. Over 160 stablecoin-linked card programs have been launched globally, with related payment volumes increasing nearly 200% year-over-year.Stablecoin card programs require daily settlement before cardholders repay, with some programs needing only a few million dollars per transaction while settling continuously seven days a week. Visa stated that some cryptocurrency-linked card businesses are constrained by working capital adapted to continuous settlement cycles, and on-chain credit can reduce financing costs by up to 30%.Credit Coop, in partnership with Visa, launched a stablecoin-denominated revolving credit facility that has executed over 9,000 on-chain repayments. The platform has accumulated total financing exceeding $2.5 billion, processing over 3,000 borrowings and 9,000 repayments without any defaults. Visa Principal Member Rain has been using this facility to finance daily settlements since August 2023. (Bitcoin.com News)
Odaily News, Avici announced that its card partner Rain discovered today a vulnerability in an old Solana card contract used by Avici and a few other projects. The relevant contract has now been upgraded across all projects, and no further unauthorized activity has been detected. This incident only affected the standalone Solana contract used to hold post-deposit card balances; users' Avici wallets and card balances are isolated from each other, and funds in Solana and EVM self-custody wallets are safe and unaffected. Upon review, a total of 1,685 users were affected, with combined card balances of approximately $500,900. Avici has committed to fully refunding card balances to all affected users and has filed a report with the FBI's Internet Crime Complaint Center (IC3). Previously reported, Avici, a crypto banking project, saw its native token AVICI allegedly suffer a hacker attack, with losses of approximately $1.02 million. The attacker transferred 10,000 SOL stolen from the project to another wallet, converted it into approximately $1.02 million USDC, and then swapped the funds into approximately 418 ETH via cross-chain operations.
Avici stated that its card-issuing partner, Rain, discovered a vulnerability in a specific version of the Solana card contract used by Avici and a few other projects. The relevant contracts have since been upgraded, and no further unauthorized activity has been detected to date. Avici clarified that user wallets and card balances are independent, meaning funds in Solana and EVM wallets remain unaffected; this incident only impacted the isolated Solana contract designated for storing card balances. Current reconciliations indicate that 1,685 users were affected, involving card balances totaling $500,859.22. All affected users will receive full refunds.
According to The Information, OpenAI has acquired some patent assets from AI chip startup Rain AI, following negotiations between the two parties regarding the acquisition that ultimately failed to close. Rain AI is a startup focused on AI chip research and development, founded approximately 8 years ago, with investors including OpenAI CEO Sam Altman. The report states that due to the failure of the acquisition plan, Rain AI has nearly ceased operations recently, and most employees have left the company. This patent acquisition indicates that although some companies personally invested in by Altman may have business collaborations with OpenAI, this does not mean that all invested companies will receive direct support from OpenAI. Rain AI was previously dedicated to developing specialized chips for artificial intelligence computing, hoping to reduce AI model operating costs through customized hardware and enhance edge computing capabilities. As competition in AI infrastructure intensifies, chips, computing power, and energy have become core strategic resources for large AI companies. Industry insiders believe that OpenAI's acquisition of Rain AI's relevant patents may be aimed at absorbing its technical assets to strengthen its own positioning in the fields of AI hardware and computing infrastructure.
Western Union partners with Rain to launch Stablecard, a Visa card supporting the USD stablecoin USDPT that has gone live in 37 markets and will expand to 60+ markets by year-end, enabling users to hold USD assets and spend on the Visa network.
Western Union has partnered with stablecoin infrastructure provider Rain to launch Stablecard, a digital wallet and Visa-branded card that enables users to hold and spend US dollar-pegged stablecoins. The product is now available in 37 markets, with Western Union planning to expand to more than 60 markets by the end of this year. Stablecard supports USDPT, a US dollar-pegged stablecoin issued by Anchorage Digital Bank and running on the Solana blockchain. Users can directly receive Western Union remittances and transfer funds to compatible crypto wallets and exchanges. Users can also spend their balances at all Visa-accepting merchants, as well as through Apple Pay and Google Pay. Western Union also unveiled USDPT in May and expanded its ecosystem through exchange partnerships in June.
Odaily News: Global remittance giant Western Union has announced the official launch of Stablecard, built on Rain's stablecoin infrastructure. Users can directly receive USDPT, a stablecoin issued by Western Union and minted on Solana via Anchorage Digital Bank, and spend instantly at Visa-accepting merchants worldwide through the integrated Visa card, or choose to withdraw cash. Stablecard initially covers 37 markets, with Western Union planning to expand to over 60 markets by the end of the year. The company stated that stablecoins will help reduce upfront capital requirements for cross-border remittances, improve capital efficiency, and support the launch of additional digital financial services.
Rain, a stablecoin payment infrastructure company, released a report stating that cryptocurrency transaction volume in Latin America from 2022 to 2025 is approaching $1.5 trillion, with U.S. dollar-pegged stablecoins dominating the market. The report argues that stablecoin adoption in the region stems more from real-world financial needs than speculative trading.
stablecoin infrastructure startup Rain is now valued at $1.95 billion and has announced a partnership with payment giant Mastercard to issue credit and prepaid cards, while also exploring the use of stablecoins for payment settlements. Previously, Rain primarily relied on the Visa network for its card products. This collaboration with Mastercard marks its entry into a "dual-card network" strategy, further expanding its institutional client market. Rain stated that the partnership will focus on serving large institutional clients already deeply integrated with a single payment network, enabling them to introduce stablecoin settlement capabilities without altering their existing payment systems.Meanwhile, the application of stablecoins continues to expand across the industry, with institutions such as Stripe and Coinbase actively promoting the integration of stablecoin payments and settlements. This indicates that the convergence of traditional finance and crypto payment infrastructure is accelerating. Analysts suggest that as regulatory frameworks gradually become clearer, stablecoins are rapidly transitioning from trading tools to enterprise payment and cross-border settlement infrastructure. (Fortune)
The cryptocurrency margin trading service will introduce RAIN/USDT (10x) isolated margin trading on April 29 at 20:00 (GMT+8). Rain is a fully decentralized prediction market protocol built on Arbitrum, offering cross-chain support. Positioned as the “Uniswap of prediction markets,” it provides a permissionless framework enabling anyone to create and trade custom markets without restrictions.