Rain and Visa Forge Blockchain Credit Card Alliance—Banks Left Holding the Legacy Bag

Visa just handed crypto a Trojan horse—and traditional finance might not see it coming. The payments giant partnered with Middle Eastern crypto platform Rain to pilot onchain credit card settlements, effectively turning plastic into a blockchain gateway.

How it works: Rain’s users across Bahrain, UAE, and Turkey can now collateralize crypto holdings to spend via Visa cards. No liquidations, no fiat conversions—just direct stablecoin settlements that bypass banking rails entirely.

The fine print: While pitched as ’bridging Web2 and Web3,’ the real story is Visa hedging against decentralized payment threats. Because nothing screams innovation like a 65-year-old company scrambling to stay relevant.

Bottom line: When credit cards go native onchain, even your grandma’s points might soon live on a blockchain—assuming she can stomach the gas fees.