Key Takeaways
- Visa stablecoin settlement topped a $20B annualized run rate, with 160+ card programs live.
- Onchain credit cuts financing costs by up to 30% and enables 7-day card settlement.
- Visa-linked lenders seek to scale working capital fast enough to match stablecoin card growth.
Visa Stablecoin Cards Expand to 160+ Programs Worldwide
Visa’s stablecoin business is starting to look less like an experiment and more like a new payments rail.Stablecoin settlement volume on the network has surpassed a $20 billion annualized run rate, more than 15 times the level recorded a year earlier. At the same time, more than 160 stablecoin-linked card programs were live globally in .
Payment volume across those programs rose nearly 200% year over year.
The headline is not simply that crypto cards are growing. It is that the financial plumbing behind them is beginning to change with them.
Stablecoin Cards Are Creating a New Funding Problem
Every card program has to meet its daily settlement obligation before cardholders repay what they owe.For large issuers, that gap is usually financed through warehouse lines or securitization. However, many early-stage stablecoin card programs need only a few million dollars at a time. They also settle seven days a week.
That creates an awkward mismatch. Traditional credit facilities can be too expensive and too slow to document for smaller programs that need capital drawn and repaid daily.
Visa said some crypto-linked card businesses are therefore constrained not by user demand, but by access to working capital designed for an always-on settlement cycle.
Credit Coop Brings Settlement Financing Onchain
Credit Coop, working with Visa, has built a revolving credit facility aimed at that gap.The system uses a smart contract called Spigot to route settlement receivables and automatically service repayments. It is designed to perform a role similar to a traditional lender lockbox, but through code.
Across the platform, more than 9,000 repayments have been executed onchain.
Credit Coop also receives authorized Visa settlement files directly, allowing lenders to compare network data with onchain repayment history. As more lenders have become comfortable with the structure, borrowing costs for participating programs have fallen by as much as 30%.
$2.5 Billion Financed With Zero Defaults
The strongest proof point so far comes from Rain, a Visa Principal Member that has used Credit Coop to fund daily settlement since August 2023.Across its platform, Credit Coop says it has financed more than $2.5 billion in cumulative volume, processed over 3,000 borrow events and 9,000 repayments, with zero defaults.
Karta later used the same model while building its credit history before securing a $125 million institutional credit facility as part of a larger $140 million financing package. That progression matters for banks and lenders.
Stablecoin-linked cards are not only expanding . They are also creating a new class of receivables-backed credit that can be monitored and serviced in real time.
For Visa, the $20 billion run rate is significant because it shows stablecoins are moving deeper into mainstream payment infrastructure. The next growth bottleneck may not be adoption. It may be financing the settlement layer fast enough to keep up.