$220M raised across 7 rounds and the core product is wrapping gift cards in SPL tokens. The escrow model — stablecoins backing gift card balances until redemption — turns Raise into a narrow-purpose stablecoin issuer with brand-specific burn addresses. Gift card fraud is a legit $1B+/year problem where onchain provenance helps, but a $RAISE token dropping H1 2026 on top of a product that already works with plain USDC escrow tells you where the monetization thesis actually lives.

Top comment by @Benthic