> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Visa Hits $20B Stablecoin Settlement Run Rate, Opens Onchain Credit for Card Programs - URL: https://stablecoininsider.org/visa-stablecoin-settlement-20b-onchain-lending/ - Published: 2026-09-09T07:13:47.000Z - Updated: 2026-09-09T07:13:47.000Z - Description: Visa said on September 8, 2026 that stablecoin settlement topped a $20B annualized run rate (up more than 15x YoY) and is pairing VisaNet data with onchain lending for card programs. - Author: Alexandra - Tags: News, Fintech, Stablecoins, Institutions Visa said on September 8, 2026 that stablecoin settlement volume on its network has surpassed a **$20 billion** annualized run rate, up more than **15x** year over year. The same release pairs VisaNet settlement data with onchain lending so stablecoin-linked card programs can pull working capital. Here's what the numbers mean for operators and fintechs running those rails. ## Key Takeaways - Visa stablecoin settlement topped a $20B annualized run rate as of September 8, 2026. - More than 160 stablecoin-linked card programs sit on Visa's network. - Payment volume on those programs is up nearly 200% year over year. - Visa is combining VisaNet settlement data with onchain lending for card-program working capital. - Credit Coop has financed more than $2.5B in settlement volume since 2023 with zero defaults. 📌 As of 8–9 September 2026: $20B annualized stablecoin settlement run rate (>15x YoY), 160+ stablecoin-linked card programs, payment volume up \~200% YoY. ## What Visa Announced In its [September 8, 2026 investor release](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx), Visa described a new approach to onchain credit for stablecoin-linked card programs and fintechs. The model combines VisaNet settlement data with onchain lending infrastructure so lenders can evaluate how a program is operating and extend capital against that activity. Visa also pointed to broader stablecoin work, including the Visa Stablecoin Platform, expanding settlement and stablecoin-linked card programs. Rubail Birwadker, Visa Global Head of Growth Products and Partnerships, said stablecoins are "creating opportunities to rethink the financial infrastructure that supports payments," and that trusted payment data plus onchain tech can unlock liquidity that is "more transparent, programmable and aligned to the speed of modern commerce." ## The Scale Numbers Operators Should Bookmark Visa put three operating metrics on the record for stablecoin activity on its network as of the September 8 release. Stablecoin settlement volume recently surpassed a $20 billion annualized run rate, up more than 15x year over year. More than 160 stablecoin-linked card programs run on Visa's network, and payment volume on those programs grew nearly 200% year over year. Separately, Visa Onchain Analytics shows more than $694 billion in stablecoin-denominated loans through onchain lending protocols since 2020\. Most of that volume has stayed inside crypto markets rather than everyday payment programs. That context matters if you already track Visa's settlement partner path (see [Visa's BVNK settlement-partner RFP coverage](https://stablecoininsider.org/visa-seeks-stablecoin-settlement-partner-bvnk/)) or [Visa Direct stablecoin prefunding through zerohash](https://stablecoininsider.org/visa-adds-stablecoin-prefunding-and-payouts-to-visa-direct-through-zerohash/). This release is about credit against settlement, not a new settlement vendor. [Visa Seeks New Stablecoin Settlement Partner After Mastercard Buys BVNKVisa RFP for a new settlement and OTC partner after Mastercard acquired BVNK.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/visa-seeks-stablecoin-settlement-partner-bvnk/) ## Credit Coop: Early Model With Hard Onchain Counts Visa named Credit Coop as an early example. Credit Coop provides working capital and settlement financing for stablecoin-linked card programs using smart contracts for funding, collateral management, and repayment. With customer authorization, Credit Coop combines Visa settlement data with onchain transaction records to assess credit performance and automate settlement financing. Since 2023 the model has supported more than $2.5 billion in cumulative financed settlement volume with zero defaults across participating facilities. It has processed more than 3,000 borrow events and 9,000 repayment events onchain. Chris Walker, Founder and CEO of Credit Coop, said payment companies "have always had good collateral in their settlement receivables, but no way to show lenders how it performs in real time." Secondary coverage from [The Block on September 8, 2026](https://www.theblock.co/news/business/2026-09-08-visa-stablecoin-settlement-tops-20-billion-annualized-run-rate-up-more-than-15x-year-over-year-413749) added program-level detail: Rain, a Visa Principal Member, has financed about $2 billion via the facility since August 2023 (2,000+ borrows, 7,000+ repayments, zero defaults), with borrowing costs down as much as 30% for participating programs. Karta raised $140 million in June 2026 ($15 million Series A from Galaxy plus $125 million credit from CIM). | Metric | Figure (as of 8 Sep 2026) | Source | | ----------------------------------------- | -------------------------------- | ---------------------- | | Visa stablecoin settlement run rate | $20B+ annualized; >15x YoY | Visa IR | | Stablecoin-linked card programs on Visa | 160+ | Visa IR | | Payment volume growth on those programs | Nearly 200% YoY | Visa IR | | Credit Coop financed settlement volume | \>$2.5B since 2023; 0 defaults | Visa IR | | Credit Coop onchain borrow / repay events | \>3,000 / >9,000 | Visa IR | | Rain financed via facility (The Block) | \~$2B since Aug 2023; 0 defaults | The Block | | Onchain stablecoin loans since 2020 | \>$694B | Visa Onchain Analytics | ## How This Fits the Stablecoin Card Stack Stablecoin cards already solve spend at the point of sale. Working capital against settlement is the next bottleneck when volume ramps faster than bank lines. If you're sizing the card opportunity, Stablecoin Insider has covered [RedotPay's $50 billion stablecoin card spending forecast by 2028](https://stablecoininsider.org/redotpay-sees-50-billion-in-stablecoin-card-spending-by-2028/) and the [stablecoin spending gap in card adoption](https://stablecoininsider.org/stablecoin-spending-gap-card-adoption/). Visa's credit layer sits beside those spend rails, not instead of them. [RedotPay Sees $50 Billion in Stablecoin Card Spending by 2028Card spending forecast and what it implies for issuance and settlement.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/redotpay-sees-50-billion-in-stablecoin-card-spending-by-2028/) Newer consumer spend apps still need settlement liquidity when balances move. See [Ethena Pay on Avalanche](https://stablecoininsider.org/ethena-launches-ethena-pay-on-avalanche/) for another Visa-linked spend path that is product-led rather than credit-led. [Visa Adds Stablecoin Prefunding and Payouts to Visa Direct Through zerohashVisa Direct stablecoin prefunding and payouts via zerohash.![](https://stablecoininsider.org/favicon.ico)Stablecoin Insider](https://stablecoininsider.org/visa-adds-stablecoin-prefunding-and-payouts-to-visa-direct-through-zerohash/) 💬 Stablecoin Insider's take: settlement data as credit collateral is the missing rail for high-growth stablecoin card programs. The named downside is concentration and authorization risk. Programs that can't or won't share VisaNet settlement feeds with a lender stay on slower, manual underwriting. ## What Operators Should Do Next If you run or underwrite a stablecoin-linked card program, map three facts against your own facility term sheet this week. First, confirm whether your principal member or BIN sponsor already participates in Visa-linked onchain settlement financing. Second, price your current working-capital cost against the up-to-30% borrowing-cost reduction The Block reported for participating programs. Third, decide what settlement and onchain data you're willing to authorize for automated repayment. This doesn't help dormant programs or issuers that refuse data-sharing. It does matter for teams whose spend volume is outrunning traditional credit lines. [Read Visa's full release](https://investor.visa.com/news/news-details/2026/Visa-Brings-Onchain-Lending-into-Everyday-Payments/default.aspx) --- ## FAQ #### What did Visa announce on September 8, 2026? Visa announced a new approach that combines VisaNet settlement data with onchain lending so stablecoin-linked card programs and fintechs can access working capital. The same release said stablecoin settlement volume surpassed a $20 billion annualized run rate, up more than 15x year over year. #### How many stablecoin-linked card programs run on Visa? More than 160 stablecoin-linked card programs operate on Visa's network as of the September 8, 2026 release. Payment volume on those programs grew nearly 200% year over year. #### What is Credit Coop's role in Visa's onchain credit model? Credit Coop is Visa's early example for smart-contract funding, collateral, and repayment tied to Visa settlement data plus onchain records with customer authorization. It has financed more than $2.5 billion in settlement volume since 2023 with zero defaults, plus more than 3,000 borrow and 9,000 repayment events onchain. #### How does Rain fit the Visa Credit Coop facility? The Block reported on September 8, 2026 that Rain, a Visa Principal Member, has financed about $2 billion via the facility since August 2023. That coverage cites 2,000+ borrows, 7,000+ repayments, zero defaults, and borrowing costs down as much as 30% for participating programs. #### How large is onchain stablecoin lending overall? Visa Onchain Analytics shows more than $694 billion in stablecoin-denominated loans through onchain lending protocols since 2020. Visa's point is that most of that credit has stayed inside crypto markets rather than everyday payment programs. #### Should treasury teams treat this as a replacement for bank lines? No. Treat it as a settlement-linked working-capital option for programs that can authorize VisaNet and onchain data sharing. Programs without that authorization, or without a participating BIN sponsor, still need traditional credit. --- This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.