Visa brings onchain credit to its growing stablecoin card business

Overview

Visa is combining VisaNet settlement data with blockchain lending, enabling stablecoin-linked card programs to access working capital through its network. This integration allows lenders to finance payment obligations using Visa settlement records alongside on-chain transaction data to assess borrowers and fund their settlement obligations.

The Technology Integration

The initiative connects Visa's settlement network with on-chain lending infrastructure, giving stablecoin payment volume on its network a significant boost. Specifically, lenders can now use Visa settlement records together with blockchain transaction data to evaluate borrowers and provide financing for their settlement obligations. An early example of this model is Credit Coop, a blockchain-based protocol that extends credit lines to businesses.

Leadership Perspective

Rubail Birwadker, Visa's global head of growth products and partnerships, stated: "stablecoins are 'changing how money moves' and creating opportunities to rethink the financial infrastructure supporting payments." During its fiscal third-quarter earnings call in July, management indicated that the company is "investing in each layer of the stablecoin stack," encompassing blockchains, wallets, infrastructure, and applications.

Business Impact and Growth Metrics

The stablecoin-related payment business is expanding rapidly. As of now, more than 160 stablecoin-linked card programs operate on Visa's network, with payment volume jumping nearly 200% year over year. Additionally, Visa's stablecoin settlement volume has surpassed $20 billion in annualized run rate, representing more than 15 times the level from the previous year.

Ecosystem and Partnerships

Visa has joined the OpenStandard consortium, which plans to issue the OpenUSD stablecoin and includes Stripe among more than 140 participating businesses. These collaborations position Visa as a central player in the broader ecosystem surrounding stablecoin adoption and interoperability.

Recent Transaction Volumes

Recent metrics highlight the scale of the movement:

• Adjusted stablecoin transaction volume: reached a record $1.79 trillion in June
• Volume over the past 30 days: approximately $1.2 trillion

These figures underscore the accelerating adoption of stablecoins within Visa's payment infrastructure and the growing importance of on-chain credit mechanisms.