Visa’s stablecoin settlement volume has crossed a $20 billion annualized run rate, up more than 15 times from a year earlier, a jump that shows stablecoin-linked cards are becoming a real part of how money moves through the network.

Visa shared the figure in a report published September 8, alongside two other numbers that point the same way. The company counted more than 160 stablecoin-linked card programs live worldwide in its fiscal second quarter, called them “one of the fastest-growing parts of our network,” and said payment volume across those programs grew nearly 200% year over year. Visa’s footprint has widened fast this year, including in March when the company expanded its partnership with Stripe-owned Bridge to bring stablecoin cards to more than 100 countries.

Visa’s stablecoin settlement run rate has climbed from about $3.5 billion in late 2025 to $20 billion, up more than 15x year over year. Data: Visa, successive disclosures · Chart: FinanceFeeds

Visa Flags Daily Settlement Funding as the Growth Bottleneck

According to the report, capital remains a key constraint for stablecoin card programs, specifically around the daily settlement bill each program must pay before it collects from cardholders. The money to sustain that cycle has to come from somewhere, and the challenge bites hardest for a young program.

It might need only a few million dollars, borrowed and repaid every day, backed by receivables it has just started to earn. Larger portfolios cover the gap with warehouse lines and securitization, but those structures cost too much to document at that size, and lenders have little performance history to judge the risk against.

Visa said it has been able to solve this through a partnership with Credit Coop, which built a revolving credit facility that funds those daily settlement bills and takes the settlement receivables as collateral. The receivables pass through Credit Coop’s Spigot smart contract, which automatically repays the loan from incoming proceeds before the money reaches the borrower.

The arrangement has run more than 9,000 repayments onchain, each one public and verifiable, and with Visa settlement data feeding the underwriting, borrowing costs for participating programs have dropped by as much as 30%.

Investor Takeaway

The funding bottleneck highlights an important risk for stablecoin card programs, but Visa’s Credit Coop partnership could lower that barrier by providing working capital against settlement receivables and reducing borrowing costs for participating programs by as much as 30%.

Rain Runs Two Years of Settlement With Zero Defaults

Rain, a Visa Principal Member that runs stablecoin card programs worldwide, has funded its daily Visa settlement through a Credit Coop facility since August 2023 and has never missed an obligation. Across its platform, Credit Coop has financed more than $2.5 billion since 2023 with zero defaults. Rain also powers cards beyond its own, including Western Union’s Stablecard, which lets people receive remittances as a stablecoin and spend the balance anywhere Visa is accepted.

One program under Rain, the premium travel card Karta, scaled on a small facility and then raised $140 million in June 2026, including a $125 million institutional credit line, after growing 10x in 2025. Visa’s own push kept pace, and in August the company added stablecoin payouts to Visa Direct through Zerohash, extending the same rails from card settlement into cross-border business transfers.

Stablecoins remain one of the fastest-growing sectors in crypto, with the total market capitalization at roughly $305.25 billion at press time, according to DeFiLlama. The market touched an all-time high of about $315.93 billion in May 2026 and has held near record levels through a volatile year, a sign that adoption is running deeper than speculation, from stablecoin-linked cards to a broader institutional footprint.

Investor Takeaway

Rain’s two years of uninterrupted settlement through Credit Coop, combined with Karta’s subsequent $140 million financing and Visa’s expansion into stablecoin payouts, suggests the infrastructure supporting stablecoin payments is scaling alongside real-world demand.