Visa Stablecoin Volumes Surge Past $20 Billion Amid Credit Facility Growth

Visa's stablecoin-linked card settlement volume has reached an annualized $20 billion run rate in September, more than triple the $7 billion pace reported in March and nearly 15 times higher than a year ago. This growth is largely due to increased activity within existing programs rather than new ones joining the network.

The figure of over 160 stablecoin-linked card programs on Visa's network remains unchanged from June, when the company disclosed a $7 billion run rate. However, it's possible that the actual number has moved but was rounded to the same floor twice.

Credit Coop, a fintech startup, provides the credit facility behind this volume through its Spigot smart contract, which reads Visa's daily settlement files directly. This has allowed Credit Coop to finance over $2.5 billion cumulatively since 2023, with zero defaults and borrowing costs cut by as much as 30% for participating programs.