Visa's stablecoin settlement volume reached an annualized run rate of $20 billion in the second fiscal quarter of 2026. This figure represents a 15-fold increase compared to the same period last year.
The company's stablecoin-linked card programs have expanded to over 160 globally. Payment volumes associated with these programs have surged nearly 200% year-over-year.
The system operates by allowing consumers to hold stablecoins and use a Visa card for payments, while the merchant receives fiat currency. Visa manages the conversion and settlement layer between the two.
In partnership with Credit Coop, Visa operates a stablecoin-denominated revolving credit facility. This facility is designed to help early-stage card issuers fund their daily settlement obligations with Visa.
Since its launch in 2023, the credit facility has provided cumulative financing of over $2.5 billion across more than 3,000 individual borrowing events. The default rate for these transactions has remained at zero.
Programs utilizing this credit facility have reduced their borrowing costs by as much as 30% compared to traditional financing methods.