Visa Says Stablecoin Settlement Now Runs at $20 Billion a Year

Visa put numbers on its stablecoin business on Monday. Settlement through the network now runs above $20 billion a year, more than fifteen times the rate of a year ago, and payment volume on the cards that stablecoins fund climbed close to 200% over the same stretch. More than 160 stablecoin-linked card programs are live worldwide. With the figures came a second item: Visa is working with the on-chain lender Credit Coop to finance the small issuers running those programs, underwriting the credit against data from its own settlement system.

The run rate and what it counts

A run rate annualizes a recent period, so the $20 billion is a projection of current volume across twelve months and not a completed year. Crypto Briefing traces the path to it: about $3.5 billion late in 2025, $7 billion by April, and roughly a tripling since. CryptoTimes dates the same $3.5 billion to November 2025 and calls it ten months ago, which supports the starting point but not the April waypoint. That April figure appears in one account only. There is a quieter discrepancy in how the numbers are dated. Crypto Briefing and crypto.news attach the 160 programs and the volume growth to Visa's fiscal second quarter; The Block, CoinGape and PYMNTS present the same figures as current, with no period on them. Neither side notes the other.

Why card issuers need a lender at all

Card programs settle with Visa daily. Customer money often arrives later. The gap is trivial on one transaction and punishing at scale, and it bites hardest on new issuers whose volume is growing faster than their balance sheet.

The Block put the constraint plainly: some early-stage programs are limited less by demand or by network infrastructure than by access to working capital shaped around how they operate day to day. The Credit Coop line is denominated in stablecoins and secured against settlement receivables, meaning money the issuer is already owed. Visa already runs a managed platform for institutions to mint, hold and move stablecoins into that same settlement network. The lending tie-up extends those rails one layer further.

Credit Coop's record, and Rain's share of it

The facility has financed more than $2.5 billion since 2023, across over 3,000 borrow events and more than 9,000 repayments, with no defaults recorded. Four accounts carry that set and none of them disagree. Borrowing costs are down by as much as 30% against conventional financing, which the companies put down to lenders being able to see settlement data directly. Rain, a Visa principal member that settles in USDC every day, accounts for about $2 billion of the total on its own and has drawn on the line since August 2023. CryptoTimes adds that Rain has paid at least $1.58 million in interest, a figure no other outlet carries.

"Stablecoins are not only changing how money moves, they're creating opportunities to rethink the financial infrastructure that supports payments," said Rubail Birwadker, Visa's global head of growth products and partnerships.

What Visa did not disclose

The size of the facility is not public. Neither is the number of issuers drawing on it, nor what the credit costs them. Karta, a US premium card program, is the worked example on offer: it raised $140 million in June, a $15 million Series A led by Galaxy Ventures alongside a $125 million institutional credit facility, after building a repayment record through Credit Coop. crypto.news reports that the two companies are developing just-in-time funding that would release stablecoins matching an exact settlement amount and cut borrowing windows from days to hours. That is one outlet's account, and no launch date attaches to it. Card spending funded by stablecoins has been climbing all year on third-party data. What none of these accounts establishes is how much of the 200% volume growth the financing itself made possible.