Visa said on September 8 that it is combining VisaNet settlement data with onchain lending infrastructure to help stablecoin-linked card programs and fintechs access working capital, according to Visa’s announcement. The financing is tied to payment-settlement receivables as stablecoin card activity expands on Visa’s network. Visa also said more than 160 stablecoin-linked card programs operate on its network, payment volume has risen nearly 200% year over year, and stablecoin settlement volume has exceeded a $20 billion annualized run rate, according to Visa’s announcement.
Visa pairs settlement receivables with stablecoin credit
The structure uses stablecoin-denominated revolving credit secured by settlement receivables, allowing lenders to evaluate credit for stablecoin-linked card programs against expected card-payment settlements rather than relying solely on a program operator’s balance sheet.
Credit Coop, the onchain credit provider involved in the model, receives authorized daily Visa settlement files. Visa said smart contracts automate funding, collateral control and repayment using settlement information supplied through VisaNet, making settlement receivables usable as collateral for revolving stablecoin liquidity rather than unsecured financing.
More than 160 card programs create the funding demand
Visa said more than 160 stablecoin-linked programs are operating on its network, and payment volume across them is up nearly 200% from a year earlier.
The company also put stablecoin settlement volume at more than $20 billion on an annualized basis. That run-rate measure reflects an extrapolated pace of activity, not necessarily settled volume recorded during a completed 12-month period.
Visa said fintechs and card-program operators can use the model for working capital tied to transaction activity documented through Visa settlement files. Decrypt independently reported the figures and described the initiative as pairing payment-settlement data with blockchain lending tools to help lenders evaluate stablecoin card programs.
Credit Coop’s prior settlement-financing record
Visa said Credit Coop’s settlement-financing model has financed more than $2.5 billion in cumulative settlement volume since 2023. The company also reported more than 3,000 borrowing events and 9,000 repayment events across participating facilities over that period.
The zero-default record Visa reported for those facilities applies to participating facilities and was not presented in the announcement as an independently audited portfolio-performance assessment.
The prior activity provides operating history for the model Visa is now highlighting: daily settlement data can support lending decisions, while smart contracts can manage funding, collateral and repayment. Decrypt also cited Visa’s $2.5 billion figure for financing conducted through Credit Coop.
Visa’s announcement puts its settlement network at the center of the underwriting process. The company is not merely pointing to stablecoin payment activity; it is seeking to use the receivables generated by that activity as the basis for revolving credit available to the programs handling it.
