Visa stablecoin settlement tops $20 billion annualized run rate, up more than 15x year over year

Visa’s stablecoin settlement volume has surpassed a $20 billion annualized run rate, up more than 15x year over year, as stablecoin-linked card programs expand across its network.

More than 160 stablecoin-linked card programs were live globally in Visa’s fiscal second quarter, while payment volume on those programs increased nearly 200% from a year earlier, Visa said Tuesday. 

The growth is creating a working-capital requirement for card issuers, which must fund daily settlement obligations before collecting payments from cardholders, Visa said, adding that some early-stage programs need only a few million dollars and settle every day, making traditional warehouse facilities less economical.

"The result is that some early-stage programs are constrained less by demand or by network infrastructure than by access to working capital structured for how they operate day to day," Visa wrote. 

Credit facility around settlement 

According to the firm, Credit Coop, working with Visa, has built a stablecoin-denominated revolving credit facility secured by settlement receivables. The facility uses daily Visa settlement files and Credit Coop’s Spigot smart contract to size funding and automate repayments.

Borrowing costs for participating programs have come down by as much as 30% as more lenders have underwritten these facilities, Visa said.

Since August 2023, Rain, a Visa Principal Member, has used the facility to fund its daily Visa settlement obligations. Rain has financed approximately $2 billion through the facility, with more than 2,000 onchain borrow events and 7,000-plus repayment events and zero defaults.

At the same time, travel card issuer Karta, which launched and scaled using a Credit Coop facility, raised $140 million in June 2026, comprising a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management.

Across its platform, Credit Coop has financed more than $2.5 billion in cumulative volume since 2023, with more than 3,000 borrow events and 9,000 repayment events executed onchain.

Visa said direct settlement-data integration can also enable same-day funding based on the net amount owed for each settlement cycle.