Visa Taps Onchain Lending to Power Stablecoin Card Settlement

Visa is merging its VisaNet settlement infrastructure with blockchain-based lending, opening a new channel for stablecoin-linked card programs to access working capital. Announced Tuesday, the initiative enables lenders to use Visa settlement records alongside onchain transaction data to assess borrowers and finance their settlement obligations, potentially extending onchain lending beyond crypto markets into mainstream payment flows. Rubail Birwadker, Visa's global head of growth products and partnerships, said stablecoins are "changing how money moves" and creating fresh opportunities to reimagine the financial plumbing behind payments.

The company highlighted Credit Coop, a blockchain credit protocol that extends lines to businesses, as an early proof point. Credit Coop has financed more than $2.5 billion in cumulative settlement volume since 2023 across participating facilities, completing over 3,000 borrowing events and 9,000 repayments. The move comes as Visa's stablecoin footprint accelerates: more than 160 stablecoin-linked card programs now operate on its network, with payment volume up nearly 200% year over year and stablecoin settlement volume surpassing a $20 billion annualized run rate, more than 15 times year-ago levels.

Visa executives told investors during the fiscal third-quarter earnings call in July that the company is "investing in each layer of the stablecoin stack," spanning blockchains, wallets, infrastructure, and applications. That push includes joining the OpenStandard consortium, which plans to issue the OpenUSD stablecoin and counts Stripe among its 140-plus participating businesses. Visa has also partnered with Upbit parent Dunamu on stablecoin payments and AI-driven agent commerce, signaling a multi-front strategy to embed digital assets across its global payment rails.

The broader backdrop underscores the scale of the opportunity. Adjusted stablecoin transaction volume hit a record $1.79 trillion in June, according to Visa's onchain analytics dashboard, with roughly $1.2 trillion moved over the trailing 30 days. By wiring settlement data directly into lending protocols, Visa is positioning itself at the intersection of traditional payments and decentralized finance, where programmable credit could become as routine as card authorization.