Visa’s stablecoin settlement volume has crossed a $20 billion annualized run rate, marking a more than 15x increase year over year. The company reported Tuesday that over 160 stablecoin-linked card programs were live globally in its fiscal second quarter, while payment volume on those programs climbed nearly 200% from the prior year.
The expansion is creating a new working-capital challenge for card issuers, which must fund daily settlement obligations before collecting from cardholders. Visa noted that some early-stage programs need only a few million dollars and settle every day, making traditional warehouse facilities less economical. Access to working capital structured for daily operations, rather than demand or network infrastructure, is now the main constraint for early-stage programs.
To address this, Credit Coop and Visa built a stablecoin-denominated revolving credit facility secured by settlement receivables. It uses daily Visa settlement files and Credit Coop’s Spigot smart contract to size funding and automate repayments. Borrowing costs have fallen by as much as 30% as more lenders underwrite the facilities. Since August 2023, Visa Principal Member Rain has used the facility to fund daily Visa settlement obligations, financing about $2 billion through more than 2,000 on-chain borrow events and over 7,000 repayment events with zero defaults. Travel card issuer Karta raised $140 million in June 2026, including a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management. Overall, Credit Coop has financed more than $2.5 billion in cumulative volume since 2023, with over 3,000 borrow events and 9,000 repayment events executed on-chain.
Visa also said direct settlement-data integration can enable same-day funding based on the net amount owed for each settlement cycle, reinforcing the shift toward blockchain-based credit infrastructure for stablecoin card programs.
