Visa Stablecoin Settlement Volume Surpasses $20 Billion Annualized Run Rate
The figure is more than 15 times last year’s level, while more than 160 stablecoin-linked card programs are now operating worldwide, according to Visa. Payment volume generated by those programs has also increased by nearly 200% year over year.
The growth is creating a financing challenge for card issuers. Companies operating stablecoin-linked cards must generally meet settlement obligations each day before receiving payments from cardholders, leaving recurring working-capital gaps that can be difficult for smaller or newer programs to manage.
Visa said smaller programs may need several million dollars in funding despite settling balances daily. Traditional warehouse financing facilities, which are often structured for larger borrowers, can therefore be inefficient for early-stage stablecoin card businesses.
Visa Stablecoin Settlement Growth Creates Financing Demand
The expansion of stablecoin-linked card programs has increased the amount of capital issuers need to maintain day-to-day operations.
Under the settlement cycle, issuers must provide funds to meet payment obligations before collecting the corresponding amounts from cardholders. That timing difference creates a recurring liquidity requirement even when a card program has established demand and functioning payment infrastructure.
Visa’s assessment is that financing structures not suited to the size and operating model of these businesses could constrain expansion. The issue is particularly relevant for smaller issuers that may require access to several million dollars rather than the much larger facilities typically associated with established financial institutions.
Against that backdrop, Credit Coop has developed a stablecoin-denominated revolving credit facility through its relationship with Visa.
The facility allows participating issuers to borrow against receivables generated by their card programs, linking financing more directly to the settlement activity underlying those receivables.
Credit Coop Uses Visa Settlement Data to Determine Funding Needs
Credit Coop’s financing model relies on daily Visa settlement files to determine how much funding each participant requires.
The company uses its Spigot smart contract to structure the credit facility and automate repayments through onchain transactions. By connecting credit availability with settlement obligations, the system is designed to provide financing based on the issuer’s operating requirements rather than relying solely on conventional lending structures intended for larger borrowers.
Visa reported that borrowing costs declined by 30% as additional lenders joined the financing arrangement.
Rain, a Visa Principal Member, has been using the facility to finance its daily Visa settlements since August 2023. The company has financed approximately $2 billion through more than 2,000 onchain borrowing events.
Rain has also completed more than 7,000 repayment events without recording any defaults, according to the information provided by Visa.
The activity illustrates how settlement-linked credit can be used repeatedly to address the short-term funding requirements created by card payment operations.
Karta Uses Settlement Financing to Support Expansion
Travel card issuer Karta has also used a Credit Coop facility as part of its launch and expansion.
In June 2026, Karta secured $140 million through a combination of equity and institutional credit financing. Galaxy Ventures led a $15 million Series A, while Community Investment Management provided a $125 million credit facility.
Credit Coop said its platform has financed more than $2.5 billion since 2023. It has processed more than 3,000 borrowing events and 9,000 repayment events onchain.
The figures underscore the growing use of onchain credit mechanisms alongside stablecoin-based payment infrastructure.
Visa’s integration of settlement data could also allow financing to be arranged on a same-day basis according to each issuer’s net settlement obligation. Such a structure would link available credit more closely to verified payment requirements, rather than requiring issuers to maintain larger pools of unused capital.
As stablecoin-linked card programs continue to expand, the ability to match financing with daily settlement needs could become an important component of their operating infrastructure.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.