Visa has reached a major milestone in the stablecoin market. The company said on September 8, 2026, that its stablecoin settlement volume has crossed a $20 billion annualized run rate. This figure is more than 15 times higher than the level recorded a year ago. The jump shows how stablecoins have moved beyond their early role in crypto markets and have started to gain a place in everyday payment systems.
The news also comes with another important figure. Visa now has more than 160 stablecoin-linked card programs on its network. Payment volume from these programs has grown by nearly 200% year over year. Together, these figures show that demand for stablecoin-based payment products has grown at a rapid pace across the Visa ecosystem.
Visa Sees Strong Stablecoin Growth
Stablecoins are digital assets that aim to keep a stable value, usually through a link to a fiat currency such as the U.S. dollar. Unlike many other crypto assets, they are built for payments, transfers and settlement.
For years, stablecoins were used mainly inside the crypto sector. Traders used them to move money between exchanges, hold digital dollars and settle crypto trades. Their use has now started to move into a much wider part of the financial system.
Visa’s latest figures offer a clear example of this change. The company said its stablecoin settlement volume has passed the $20 billion annualized run rate. This means that if the current pace continued for a full year, the settlement volume would be above $20 billion.
The number is especially notable because Visa had reported a much smaller figure earlier in 2026. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized run rate. At that time, Visa also expanded the pilot to five more blockchains, which took the total number of supported networks to nine.
The move from $7 billion to more than $20 billion shows how quickly activity has grown within only a few months.
More Than 160 Card Programs
Visa also said that more than 160 stablecoin-linked card programs are now live around the world.
These cards connect stablecoins with traditional card payments. A customer may hold digital assets while the card system handles payment through Visa’s network. This model can give users a way to use stablecoin balances for normal purchases without forcing merchants to directly accept crypto.
Payment volume across these programs has increased by nearly 200% year over year.
That growth matters because it shows that stablecoins are not only part of crypto trading anymore. They are also becoming part of payment products that can connect digital assets with established financial networks.
For Visa, this creates a bridge between two systems. One side is the traditional payment network that has operated for decades. The other side is the blockchain sector, which offers digital assets and transactions that can operate around the clock.
The Working Capital Problem
Rapid growth also creates a problem for stablecoin-linked card companies.
Card programs need money to cover settlement obligations. In simple terms, a payment can take place before the card company receives the related funds from the customer. The company therefore needs access to capital to cover the gap.
This issue can be harder for young stablecoin card programs. A new company may have strong customer demand but may not have a long financial history. Traditional lenders may also find it difficult to create a financing structure for a small company that needs capital every day.
Visa said some early-stage programs may need only a few million dollars and may settle every day, including weekends and holidays. Traditional financing can be expensive and complex at that size.
This is where Visa’s new approach comes into the picture.
Visa Works With Credit Coop
Visa has partnered with Credit Coop, which provides working capital and settlement financing for stablecoin-linked card programs.
The system uses a stablecoin-denominated revolving credit facility. The financing is secured by settlement receivables, while Visa settlement data helps lenders understand the performance of each program.
Credit Coop can use daily Visa settlement files, with customer authorization, alongside onchain transaction records. This gives lenders a clearer view of how much money a program needs and how well it performs.
Smart contracts also help automate the repayment process. Instead of relying only on manual financial procedures, the system can direct funds according to predefined rules.
Visa said this model has already supported more than $2.5 billion in cumulative financed settlement volume since 2023. Across participating facilities, there have been zero defaults. The infrastructure has also processed more than 3,000 borrow events and 9,000 repayment events onchain.
Rain Provides a Major Example
Rain, a Visa Principal Member, has used the Credit Coop facility since August 2023 to fund its daily Visa settlement obligations.
Rain has financed about $2 billion through the facility. The system has recorded more than 2,000 onchain borrow events and more than 7,000 repayment events, with zero defaults.
The structure gives Rain access to capital for settlement while card users make payments. As funds return through the payment system, the financing facility can receive repayment and become available again.
This creates a revolving model that can support repeated settlement needs without the company having to create a new financing arrangement for each payment cycle.
Karta Shows How the Model Can Grow
Karta provides another example of how this type of financing can support a newer card program.
Karta launched and grew with support from a Credit Coop facility. In June 2026, the company announced a $140 million raise. The deal included a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management.
The example is important because it shows a possible path for young payment companies.
A new program can first use a smaller onchain credit facility. Over time, it can build a record of payments and settlement activity. That history can then help the company obtain larger institutional financing.
In this way, blockchain-based credit does not have to replace traditional finance. Instead, it can help a company build a financial record that makes traditional institutional funding easier to access later.
Borrowing Costs Could Fall
Another interesting part of the announcement is the effect on borrowing costs.
Visa said borrowing costs for participating programs have fallen by as much as 30% as more lenders have become comfortable with these facilities.
Better data can help lenders make better credit decisions. If lenders can see daily settlement information and onchain repayment records, they may have more confidence in the underlying business.
This can reduce some of the uncertainty that comes with a young company.
The model also creates a public record of many transactions. Credit Coop has carried out thousands of borrow and repayment events onchain, which provides an auditable history of activity.
Visa Wants Faster Settlement Financing
Visa is also looking at a model where funding can happen only when it is needed.
Instead of a card program taking a large amount of capital in advance, daily Visa settlement data can show the exact amount required. A financing system can then provide that amount on the same day.
This could make capital more efficient.
A company would not need to pay for money that sits unused for long periods. Lenders would also have less exposure because their capital would follow actual settlement needs.
Visa says this model could provide funding on weekends and holidays as well, which is important for digital payment systems that operate around the clock.
Stablecoins Move Closer to Mainstream Payments
The latest Visa figures are important for the wider crypto market because they show where stablecoins may have their strongest real-world use.
Bitcoin and other major crypto assets remain highly visible as investment assets. Stablecoins have a different purpose. They are designed to act more like digital money.
The rapid rise in Visa’s stablecoin settlement volume suggests that companies are testing stablecoins as part of payment and settlement infrastructure.
Visa’s strategy also shows that large financial companies do not necessarily view blockchain as a replacement for their existing systems. Instead, they can use blockchain technology as another layer within their networks.
Earlier this year, Visa expanded its stablecoin settlement pilot to nine blockchains, including Avalanche, Ethereum, Solana, Stellar, Arc, Base, Canton, Polygon and Tempo. At that time, the company reported a $7 billion annualized settlement run rate.
What the $20 Billion Figure Means
The jump above $20 billion is not simply another crypto statistic. It points to a wider change in the way financial companies view stablecoins.
Visa already has a huge global payment network. The fact that stablecoin settlement is now large enough to reach a $20 billion annualized rate shows that blockchain-based money movement has started to gain a place inside established payment infrastructure.
The other numbers make the story stronger. More than 160 stablecoin-linked card programs, nearly 200% year-over-year payment volume growth, more than $2.5 billion financed through Credit Coop, and zero defaults across participating facilities all point toward a growing financial ecosystem.
The key question now is how far this model can expand.
If stablecoin card programs continue to grow, demand for settlement capital should also rise. Visa’s work with Credit Coop could give smaller programs a path to access that capital while they build a track record.
For the crypto industry, the bigger message is clear. Stablecoins are no longer limited to crypto exchanges and digital asset trading. They are becoming part of payment networks, credit systems and financial infrastructure.
Visa’s latest milestone suggests that this shift is gaining speed.
Also Read – I Asked: What’s the Safest Way to Invest in Crypto?
