Rain added a new local currency stablecoin.
Rain has officially announced that its orchestration and card program solutions are now available for clients wishing to send and accept Korean Won stablecoin KRW1.
The company is betting on the multicurrency future of stablecoins.
This development means that just like for USDC stablecoin payments, Rain’s customers can now use a KRW1 stablecoin balance on its Visa cards.
Recently, a MoneyGram stablecoin card was revealed in partnership with Rain.
Local Currency Stablecoins
Rain’s announcement allows businesses and corporates in South Korea to use local Korean Won balances domestically without having to change into dollar stablecoins.
However, this presents an opportunity for a KRW1 balance to be spent internationally, since Rain has a principal membership with Visa which is used here.
Rain also achieved a similar Mastercard membership.
Indeed, stablecoin spending is a big category becoming more popular for many stablecoin neobanks. In July, monthly stablecoin card deposits / top-ups reached the $1B mark.
In general, local fiat off-ramp solutions are currently sought after as a way of transferring and paying out customers internationally. This is mostly used by fintechs and PSPs today.
Yet, a better option for stablecoin adoption in the long run is to transfer and hold local stablecoin currencies natively onchain.
