The proposed subsidiary would also hold client assets and manage stablecoin reserves, but would not accept deposits or make commercial loans.

The virtual card spends the dollar balance inside the MoneyGram app and works anywhere Visa is accepted. MoneyGram promised the card a year ago and has not said which stablecoin now backs it.

Ansa builds branded prepaid wallets that hold dollar balances for merchants, with no stablecoin leg. Founder Sophia Goldberg joins Rain as head of payments, and terms were not disclosed.