Visa said its annualized stablecoin settlement volume now exceeds $20 billion, up from $3.5 billion about ten months ago, while the payments company and Credit Coop introduced a stablecoin revolving credit line tied to card-settlement receivables.

According to Visa, more than 160 stablecoin-linked card programs were active in its fiscal second quarter, and payment volume across those programs rose nearly 200% from a year earlier. The company described the latest settlement figure as an annualized rate, not a cumulative historical total.

The new revolving credit line was launched with Credit Coop and is designed to lower funding costs for card issuers. Visa said the structure can reduce borrowing costs by as much as 30%. The product is backed by settlement receivables and uses daily settlement files together with a smart contract called Spigot to automate both financing and repayment.

Visa said startup card programs face a recurring liquidity challenge because issuers must prefund daily settlement obligations before they can cash out payment flows. The new credit facility is aimed at that gap by advancing liquidity against expected receivables rather than requiring issuers to rely entirely on their own working capital.

Visa also said Rain, one of its principal members, has financed about $2 billion through this mechanism, while Credit Coop has funded more than $2.5 billion since 2023. The company framed the expansion against a broader competitive push in on-chain payments, where established payment firms are building more direct stablecoin-based settlement rails.

Why It Matters

This update matters because it points to a more concrete phase of stablecoin adoption inside mainstream payments. The focus is moving beyond pilot programs and toward operational issues such as settlement, credit, receivables financing and issuer liquidity, all of which determine whether stablecoin-linked cards can scale.

It also highlights how competition in crypto payments is shifting toward infrastructure ownership. Firms that can combine issuance, settlement automation and financing may gain an advantage in bringing stablecoins into everyday payment workflows used by card programs, fintechs and merchants.