Visa Stablecoin Settlement Volume Surpasses $20 Billion Annually

Visa's stablecoin settlement volume has exceeded $20 billion annually, marking an impressive growth of more than 15 times from last year. This significant increase can be attributed to the expansion of stablecoin-linked card programs across its network.

The number of live stablecoin-linked card programs on Visa's platform reached over 160 globally in the second quarter of this fiscal year. Payment volume on these programs witnessed a substantial growth of nearly 200% from last year, according to Visa.

This rapid expansion has led to a working-capital requirement for card issuers, as they need to fund daily settlement obligations before collecting payments from cardholders. Some early-stage programs are constrained by access to working capital structured for their day-to-day operations, rather than demand or network infrastructure.

Credit Coop, in collaboration with Visa, has established a stablecoin-denominated revolving credit facility secured by settlement receivables. This facility uses daily Visa settlement files and Credit Coop's Spigot smart contract to size funding and automate repayments. Participating programs have seen borrowing costs decrease by as much as 30% due to increased lender participation.

Rain, a Visa Principal Member, has utilized the facility since August 2023, financing approximately $2 billion with over 2,000 onchain borrow events and 7,000-plus repayment events. Karta, a travel card issuer, also leveraged Credit Coop's facility to raise $140 million in June 2026. Across its platform, Credit Coop has financed more than $2.5 billion in cumulative volume since 2023.