Visa stablecoin settlements hit $20B, adds onchain credit

Visa reported on Sept. 8, 2026 that stablecoin settlements on its network reached an annualized run rate above $20 billion and announced a plan to combine VisaNet settlement feeds with on-chain lending infrastructure to provide working capital for stablecoin-linked card programs.

The company said more than 160 stablecoin-linked card programs operate on its network and that payment volume on those programs grew nearly 200% year over year. Visa also reported stablecoin settlement volume rose more than 15 times year over year.

Visa described a model in which lenders use VisaNet settlement data together with on-chain transaction records to assess program performance and extend short-term credit. The process is designed to let credit providers view near real-time settlement activity and to automate financing and repayments through smart contracts and on-chain records.

Visa named Credit Coop as an early example of a lender using settlement feeds and on-chain data. With customer authorization, Credit Coop combines Visa settlement records with on-chain transaction histories and uses smart contracts for funding, collateral management and automated repayment. Since 2023, Credit Coop reported it has financed more than $2.5 billion in settlement volume with no defaults and processed more than 3,000 borrow events and 9,000 repayment events on-chain.

Rubail Birwadker, Visa’s global head of growth products and partnerships, called stablecoins “creating opportunities to rethink the financial infrastructure that supports payments” and said that combining trusted payment data with on-chain technology can unlock liquidity that is “more transparent, programmable and aligned to the speed of modern commerce.” Chris Walker, founder and CEO of Credit Coop, noted that payment companies “have always had good collateral in their settlement receivables, but no way to show lenders how it performs in real time.”

Visa Onchain Analytics shows more than $694 billion in stablecoin-denominated loans through on-chain lending protocols since 2020; Visa said most of that credit has remained inside crypto-market lending rather than flowing into everyday payment programs. Program participants reported borrowing costs falling by as much as 30% after using settlement-linked financing, and one principal member used the facility to finance about $2 billion since August 2023.

Visa described the credit overlay as a complement to existing settlement options. Card programs that do not authorize VisaNet settlement feeds for a lender will continue to rely on traditional underwriting and existing funding processes. Visa also highlighted its broader stablecoin work, including a Visa Stablecoin Platform and expanded settlement and prefunding options for card programs.

The company said the approach aims to give lenders clearer short-term performance data by using settlement receivables as collateral and automating verification with VisaNet and on-chain records, while keeping traditional credit routes available for programs that do not participate.