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According to Bloomberg, stablecoin payment company Rain announced that it raised $250 million in its latest funding round, valuing the company at $1.95 billion. The funding round was led by ICONIQ, with participation from Sapphire Ventures, Dragonfly, Bessemer, Lightspeed, Galaxy Ventures, and others. Rain co-founder and CEO Farooq Malik stated that this round of financing brings the company's total funding to over $338 million. Rain plans to use the funds to expand its presence in North America, South America, Europe, Asia, and Africa, and to address the rapidly changing global regulatory environment.