Visa's stablecoin settlement volume has surpassed a $20 billion annualized run rate, representing more than 15-fold growth compared to the previous year. The network now supports over 160 stablecoin-linked card programs globally, with payment volume across those programs rising nearly 200% year over year.
The expansion is shifting stablecoin cards from experimental status toward mainstream payment infrastructure. However, this rapid growth is creating new financing challenges for card issuers, lenders, and banks operating in an always-on settlement cycle.
Settlement Financing Constraints
Traditional card programs typically finance daily settlement obligations through warehouse lines or securitization until cardholders repay what they owe. Stablecoin card programs, particularly early-stage ones, operate differently. Many require only a few million dollars at a time but settle seven days a week, creating a mismatch with conventional credit facilities that are often too expensive and slow to document for programs needing capital drawn and repaid daily.
According to Visa, some crypto-linked card businesses are constrained not by user demand but by access to working capital designed for continuous settlement cycles.
Onchain Settlement Financing Solutions
Credit Coop, working with Visa, has developed a stablecoin-denominated revolving credit facility to address this gap. The system uses a smart contract called Spigot to route settlement receivables and automatically service repayments, functioning similarly to a traditional lender lockbox through code. The platform has executed more than 9,000 repayments onchain and receives authorized Visa settlement files directly, allowing lenders to compare network data with onchain repayment history.
As more lenders have adopted this structure, borrowing costs for participating programs have fallen by as much as 30%, and the system enables seven-day card settlement.
Real-World Performance
Rain, a Visa Principal Member, has used Credit Coop to fund daily settlement since August 2023. Across its platform, Credit Coop has financed more than $2.5 billion in cumulative volume, processed over 3,000 borrow events and 9,000 repayments, with zero defaults.
Karta used a similar model while building its credit history before securing a $125 million institutional credit facility as part of a larger $140 million financing package.
The development creates a new class of receivables-backed credit that can be monitored and serviced in real time. For Visa, the $20 billion run rate demonstrates that stablecoins are moving deeper into mainstream payment infrastructure, suggesting that future growth bottlenecks may center on financing the settlement layer rather than user adoption.
