Visa’s stablecoin-linked payments business is scaling rapidly, with the company now processing settlement activity at a pace equivalent to more than $20 billion annually.
The annualized settlement rate has increased more than 15-fold year over year, reflecting the broader expansion of stablecoin-powered card products across Visa’s network. During the company’s fiscal second quarter, Visa had more than 160 such programs live worldwide, with payment volume nearly tripling from the prior year.
Stablecoin Card Growth Creates a Financing Challenge
The rapid expansion of these programs has also created a working-capital challenge for some issuers.
Card providers generally need capital available to meet daily settlement payments, even though customer payments may not arrive until later. According to Visa, this timing mismatch can become particularly difficult for younger programs that require relatively small amounts of financing but need to access those funds frequently.
Conventional warehouse financing can be inefficient for businesses operating at that scale. As a result, Visa said access to appropriately structured working capital — rather than customer demand or payment-network capacity — can become the limiting factor for some emerging card programs.
Credit Coop Uses Settlement Receivables to Support Lending
Credit Coop and Visa have developed a financing model that seeks to address that gap through revolving credit denominated in stablecoins.
Settlement receivables back the borrowing arrangement. Visa’s daily settlement data helps determine funding needs, while Credit Coop’s Spigot system automates repayments.
As more lenders have grown willing to finance these arrangements, programs using them are securing funding on better terms. Visa said financing expenses have dropped by up to 30%.
Rain provides one example of how the structure has been deployed at scale. The Visa Principal Member began using the facility for its daily network settlement requirements in August 2023 and has financed roughly $2 billion through it to date.
That activity includes roughly 7,000 on-chain repayments across more than 2,000 borrowing transactions, with no recorded defaults.
Credit Coop Financing Volume Exceeds $2.5 Billion
Credit Coop’s cumulative financing volume since 2023 has surpassed $2.5 billion. The platform has processed over 9,000 on-chain repayments and facilitated more than 3,000 borrowing transactions.
Karta has also used Credit Coop financing while building its travel-card business before separately securing $140 million in new funding in June 2026.
The financing combined a $125 million institutional credit facility from Community Investment Management with $15 million in Series A funding, for which Galaxy Ventures served as the lead investor.
Visa also sees an opportunity to integrate settlement information directly into financing decisions. Giving lenders access to settlement data could enable same-day funding, with financing tailored to the net amount a card program owes during each settlement cycle.
