Visa opens VisaNet settlement data to onchain lenders as stablecoin volume crosses $20 billion run rate
Stablecoin settlement volume on Visa Inc.'s (NYSE: V) network has crossed a $20 billion annualized run rate, more than 15 times the level a year earlier, as the company expands its VisaNet settlement data to blockchain-based lenders. Visa says it is combining that data with onchain lending infrastructure to help stablecoin card programs obtain working capital faster, targeting a structural lead-time gap that limits how quickly new issuers can scale. The next read on traction is whether additional lenders join the Credit Coop pilot facility, which has processed more than $2.5 billion in cumulative financed settlement volume since 2023 with no reported defaults.
Key takeaways
- Stablecoin settlement volume on Visa's network has crossed a $20 billion annualized run rate, more than 15 times the level a year earlier.
- Visa is opening its VisaNet settlement-performance data to blockchain-based lenders to help stablecoin card programs obtain working capital faster.
- The Credit Coop pilot facility, running since 2023, has processed more than $2.5 billion in cumulative financed settlement volume with no reported defaults.
- Visa now has more than 160 stablecoin-linked card programs live, with payment volume across them up nearly 200% year over year.
- A partnership with Bridge is targeting expansion of stablecoin-linked Visa cards to more than 100 countries.
Stablecoin settlement volume on Visa Inc.'s (NYSE: V) network has crossed a $20 billion annualized run rate, more than 15 times the level a year earlier, as the company expands its VisaNet settlement data to blockchain-based lenders. Visa says it is combining that data with onchain lending infrastructure to help stablecoin card programs obtain working capital faster, targeting a structural lead-time gap that limits how quickly new issuers can scale. The next read on traction is whether additional lenders join the Credit Coop pilot facility, which has processed more than $2.5 billion in cumulative financed settlement volume since 2023 with no reported defaults.
The working-capital bottleneck in focus
Stablecoin card issuers must fund daily settlement obligations before collecting from cardholders, a mismatch that caps throughput for programs growing faster than their balance sheets. Visa's model gives blockchain lenders access to VisaNet settlement-performance data, which the company says should allow them to assess credit risk and extend financing faster. The Credit Coop pilot, running since 2023, is the one facility with a public track record on this structure.
The broader program count is already substantial. Visa now has more than 160 stablecoin-linked card programs live, with payment volume across those programs up nearly 200% year over year. A partnership with Bridge is targeting expansion of stablecoin-linked Visa cards to more than 100 countries.
The setup
The constructive read is that Visa is positioning itself as a data and settlement layer between card programs and the lenders who capitalize them, which could produce a self-reinforcing order book: easier working-capital access lets smaller fintechs and stablecoin issuers launch programs faster, generating more throughput for Visa's network. On-chain flow bleeding into card payment volume is the cleaner version of a story the market has been waiting to see in the actual numbers.
The cautions are worth holding. Stablecoin settlement volume at a $20 billion run rate remains relatively thin against Visa's traditional payments business. Reuters reported that recent U.S. regulation has added legitimacy for payment stablecoins, but broader crypto legislation is still being debated by U.S. lawmakers, with parts of the banking industry raising concerns about deposit competition and financial stability. The data-sharing structure introduces credit, privacy and reputational exposure that the Credit Coop pilot has not yet tested across a more diverse lender pool.
What to watch: whether Visa discloses additional lenders joining the settlement-data facility beyond Credit Coop, and whether the Bridge expansion into more than 100 countries converts into measurable new program counts. The $20 billion annualized run rate is the current print; the next one sets the pace.
Related reading
Filed by the digital assets desk of MarketPR on September 12, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.