Visa stablecoin settlement run rate tops $20 billion

Visa’s stablecoin settlement volume has surpassed a $20 billion annualized run rate, according to The Block’s report on the company’s announcement.

The headline number is a run rate, rather than a claim that $20 billion has already settled over the past 12 months. Visa’s latest figure also marks a sharp change from the $7 billion annualized settlement rate it disclosed in April. Using those two reported figures, the run rate is now about 2.86 times the April level: $20 billion ÷ $7 billion = 2.86x, or roughly $13 billion higher on an annualized basis.

Payment volume across the card programs increased nearly 200% from a year earlier, the company said. The settlement growth is tied to a financing structure that combines Visa payment data with blockchain lending tools, giving participating programs access to working capital against settlement receivables.

Credit Coop, working with Visa, built a stablecoin-denominated revolving credit facility secured by those receivables. The facility uses daily Visa settlement files and Credit Coop’s Spigot smart contract to size borrowing and automate repayments. Visa also said direct integration of settlement data can support same-day funding based on the net amount owed in each settlement cycle.

Visa said early-stage programs are “constrained less by demand or by network infrastructure than by access to working capital structured for how they operate day to day.”

Rain, a Visa Principal Member, has used the facility since August 2023 to fund its daily Visa settlement obligations. According to Decrypt’s account of Visa’s onchain lending program, Rain has financed approximately $2 billion through the facility, with more than 2,000 onchain borrow events and more than 7,000 repayment events, with zero defaults.

Across its platform, Credit Coop has financed more than $2.5 billion in cumulative volume since 2023. The platform has recorded more than 3,000 borrow events and 9,000 repayment events onchain, with the model reporting zero defaults across participating facilities. Borrowing costs for participating programs have fallen by as much as 30% as more lenders have underwritten the facilities.

The benefit is visible in the credit terms as well as the settlement figures. Stablecoin card programs gain a financing source tied to actual payment activity, while lenders receive daily settlement data for sizing exposure and repayment. Visa said traditional financing structures can require significant scale, operating history or manual underwriting before credit becomes available.

Rubail Birwadker, Visa’s global head of growth products and partnerships, described the model this way: “We’re seeing how trusted payment data and onchain technologies can work together to unlock new forms of liquidity, helping businesses access capital in ways that are more transparent, programmable and aligned to the speed of modern commerce.”

Karta provides a separate example of conventional credit entering the same sector. The travel card issuer 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. The fact sheet does not establish that Karta’s facility used Credit Coop’s onchain structure.

Visa’s blockchain footprint has also grown alongside the settlement figure. In April, it added Arc, Base, Canton, Polygon and Tempo to its settlement program, bringing the total to nine. That month, Visa disclosed the $7 billion annualized rate now used for comparison.

Onchain lending protocols have processed more than $694 billion in stablecoin loans since 2020, according to Decrypt. Visa’s figures place that activity beside a live payment use case: settlement receivables become collateral, daily files determine borrowing capacity, and repayment occurs through a smart contract.

For lenders, the open question is how broadly the model extends beyond Credit Coop and early users such as Rain; the available materials do not identify the full lender group or provide a rollout deadline.