Stablecoin firm Rain valued at $1.95 billion in latest fundraise

Stablecoin firm Rain said on Friday it has raised $250 million in a ⁠funding round led by ICONIQ, valuing the company at $1.95 billion, as investor interest in the crypto sector continues to grow.

Stablecoins are cryptocurrencies designed ‌to hold ‌a steady value by being pegged to assets such as the US dollar. ‌They are gaining traction with investors, consumers and large financial institutions as interest in digital assets broadens.