Visa's Stablecoin Card Network Expands to Over 160 Programs Globally

Visa has expanded its stablecoin card network to over 160 programs globally, the company announced on September 8. The number of programs has grown since June, when Visa said more than 160 programs were either live or in development.

The payment volume across these programs increased nearly 200% year-over-year, according to Visa's latest figures. The company did not disclose the underlying dollar value or regional breakdown.

Visa also reported that its stablecoin settlement volume had surpassed a $20 billion annualized run rate, representing growth of over 15 times from the corresponding period last year. This figure represents the projected activity over a full year and does not mean Visa has already processed $20 billion in stablecoin settlements.

Visa's expansion into stablecoin-linked cards aims to connect customers' crypto wallets or stablecoin accounts with its existing merchant network, converting or using digital assets to fund transactions. The company is working with Credit Coop, which provides a stablecoin-denominated revolving credit facility to help card programs finance daily settlement obligations.

The partnership has reportedly reduced borrowing costs for some participating programs by up to 30%, according to Visa's published figures. Credit Coop has financed over $2.5 billion cumulatively since 2023 without recording any defaults, with Rain accounting for approximately $2 billion of the reported cumulative settlement financing.