Visa's annualized stablecoin settlement run rate has reached $25 billion, a roughly tenfold increase from its level a year prior, according to CEO Ryan McInerney during the company's latest earnings call. The growth reflects expanding infrastructure and adoption across the network's payment rails.
The figure represents a run rate—recent volume extrapolated across 12 months—and reflects activity across settlement transactions where card issuers and acquirers pay each other what they owe. Settlement now operates across 10 blockchains, more than double the count from a year earlier.
Visa currently settles in five stablecoins: USD Coin (USDC), PayPal USD (PYUSD), Circle's Euro Coin (EURC), Global Dollar (USDG), and SBC, a dollar stablecoin issued by Brale. When asked about how the network would treat different tokens, McInerney stated that "we are stablecoin agnostic. We are blockchain agnostic."
Beyond settlement infrastructure, Visa reports more than 225 stablecoin-linked card programs, up over 70 percent year-over-year. Spending on roughly 5 million of these cards grew more than 150 percent across more than 50 countries. The company's Visa Stablecoin Platform, which enables partners to launch stablecoin-based products, is now live in six markets including the United States, Mexico, and the United Kingdom, with a pipeline of more than 300 partners.
Visa also participates in the Open USD consortium and has issued Open USD (OUSD), a token linked to its Flex Credential payment product. As of October 15, OUSD had more than $800 million in circulation. McInerney indicated that OUSD will be integrated into other Visa products, including Visa Direct, its real-time money movement platform.
