Visa Stablecoin Settlement Surpasses $20 Billion Run Rate

Visa says stablecoin settlement across its network recently surpassed a $20 billion annualized run rate, up more than 15 times from a year earlier. More than 160 stablecoin-linked card programs were live globally in its fiscal second quarter, and payment volume on those programs grew nearly 200% year over year.

The figures show stablecoin-linked cards moving beyond a narrow product category, but they do not mean that $20 billion has already settled in a completed twelve-month period. An annualized run rate projects recent activity forward.

Visa's September 8 report focused on a less visible constraint: card programs must fund daily settlement before collecting from cardholders. That timing gap can be especially difficult for early-stage programs operating every day, including weekends and holidays.

Credit Coop, working with Visa, built a stablecoin-denominated revolving facility secured by settlement receivables. Visa says the system uses its daily settlement files alongside onchain repayment history, while a smart-contract mechanism routes incoming proceeds to service the facility.

Visa reported that Credit Coop has financed more than $2.5 billion in cumulative volume since 2023 across over 3,000 borrow events and 9,000 repayment events, with zero defaults. Those program figures were supplied by Credit Coop and require the attribution and verification boundary stated by Visa.

The durable signal is not simply card growth. Stablecoin payment infrastructure is beginning to develop the working-capital and underwriting layer required for continuous settlement. The next test is whether that model scales across issuers without concentrating credit, operational or smart-contract risk.

Sources and disclosures

Primary source: Visa, September 8, 2026. Program counts and growth figures are Visa-reported; Credit Coop facility figures are provider-supplied and attributed. This article does not treat an annualized run rate as completed annual volume.

Update note

Draft observed September 8, 2026 BRT. Visa's footnote says the settlement run-rate figure should be confirmed with Investor Relations ahead of publication; this remains a publication gate.