Visa says stablecoin card programs reached 160 as settlement run rate topped $20 billion

What Visa reported

Stablecoin-linked cards let users connect a crypto wallet or stablecoin account to Visa’s merchant network. The digital assets are used or converted to fund purchases, while merchants continue to receive payment through standard card rails.

Visa said card payment volume across these programs increased nearly 200% year over year during fiscal Q2 2026. Separately, it said stablecoin settlement activity surpassed a $20 billion annualized run rate. The company did not say how much of that total came from consumer card spending alone.

The latest figures build on data Visa shared in June, when it said more than 160 programs were live or in development and that stablecoin settlement had reached a $7 billion annualized rate as of March. Based on the new disclosure, that settlement run rate has nearly tripled since then.

Payment volume and settlement are not the same

Visa’s announcement combines two metrics that reflect different stages of card activity. Payment volume refers to purchases made by cardholders, while settlement volume tracks funds transferred between Visa and participating financial institutions or program operators.

That distinction matters because rising settlement activity does not necessarily mean the same increase in consumer spending through stablecoin-linked cards. The company’s release did not provide enough detail to map the settlement total directly to end-user purchase activity.

Credit Coop financing and Rain’s role

Visa also highlighted financing tied to some of these card programs through Credit Coop. The structure uses a stablecoin-denominated revolving credit facility secured by settlement receivables. Borrowers draw on the facility to meet daily Visa obligations, and repayment is handled as cardholder proceeds arrive.

According to Visa, incoming receivables move through Credit Coop’s Spigot smart contract, which directs part of the proceeds to principal and interest before the remainder reaches the borrower’s operating account. Visa said secure access to daily settlement files allows Credit Coop to combine Visa records with onchain activity when assessing credit and repayments.

Visa said stronger access to settlement data helped some participating programs reduce borrowing costs by as much as 30%. Credit Coop reported $2.5 billion in cumulative financing since 2023 without defaults, covering more than 3,000 borrowing events and 9,000 repayment events. Rain, a Visa principal member providing stablecoin card infrastructure, accounted for about $2 billion of that total and has used the facility since August 2023. Visa said every settlement obligation financed for Rain had been funded on time, with Rain settling Visa card obligations in USDC seven days a week.

Programs using the model

Karta, a U.S.-issued premium Visa card operating under Rain’s bank identification number, launched with Credit Coop financing. In June 2026, Karta announced $140 million in financing, consisting of a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management.

Visa said Karta’s daily settlement history helped create a track record that could support access to larger lenders. Moto and Xplace also use Credit Coop financing under Rain’s issuing setup, although Visa did not disclose their facility sizes, borrowing costs, or settlement volumes.

The broader push fits into Visa’s stablecoin expansion strategy. In March, Visa and Bridge said their card programs were live in 18 countries and planned to expand to more than 100 by the end of 2026. Visa has said those cards can be used at more than 175 million merchant locations, including through wallets such as Phantom and MetaMask, while merchants still receive conventional payments.

Next step is just-in-time funding

Visa and Credit Coop said they are working on a just-in-time funding model in which a program’s daily settlement file would trigger a stablecoin disbursement matching the exact net amount owed. Under that design, funds would go directly to the relevant Visa settlement address, potentially reducing the need to draw a full facility in advance and shortening borrowing periods from days to hours.

Visa did not provide a deadline for rolling out that model across all 160 programs, and it has not said which blockchains or stablecoins future facilities would support. The company also noted practical dependencies including accurate settlement data, reliable smart contracts, and sufficient stablecoin liquidity.

The next confirmed step is to extend the model to additional issuers and assess whether their onchain repayment records can support larger institutional facilities. Visa said it expects more programs to follow Karta’s path, but that remains a forecast rather than a completed rollout.