Visa Stablecoin Settlements Cross $20 Billion as Card Issuers Seek Funding

Summary

• Visa’s stablecoin settlement volume surpassed a $20 billion annualized rate as linked card payment volume increased nearly 200% annually worldwide.
• Credit Coop uses Visa settlement data and smart contracts to size issuer funding while automating onchain loan repayments securely each day.
• Rain financed approximately $2 billion without defaults, while Karta secured $140 million to support its card operations and expansion plans.

 

Visa’s stablecoin settlement volume has surpassed a $20 billion annualized run rate, reflecting growth across its payments network. According to the announcement, the figure exceeded last year’s level by more than fifteen times, while over 160 stablecoin-linked card programs operated globally.

Additionally, payment volume across these programs increased nearly 200% annually. However, this expansion has created significant working-capital requirements for card issuers.

Issuers must fund daily settlement obligations before collecting cardholder payments, creating recurring gaps within their operating cycles. Smaller programs may require several million dollars but settle balances daily.

Consequently, traditional warehouse facilities can prove inefficient for early-stage stablecoin card businesses. According to Visa, unsuitable financing can restrict programs despite strong demand and reliable infrastructure.

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Credit Coop Connects Stablecoin Lending With Visa Settlement Data

Credit Coop developed a stablecoin-denominated revolving credit facility through its relationship with Visa. The facility lets issuers secure financing against receivables generated through their card programs.

Moreover, Credit Coop uses daily Visa settlement files to calculate each participant’s funding requirement. Its Spigot smart contract structures financing and automates repayments through onchain transactions.

This system connects credit directly with settlement obligations, offering an alternative to facilities designed for larger borrowers. Visa reported that borrowing costs declined by 30% as additional lenders entered.

Rain has used the facility to finance daily Visa settlements since August 2023. The Visa Principal Member has financed approximately $2 billion through over 2,000 onchain borrowing events. Rain also completed more than 7,000 repayment events without recording any defaults.

Karta Funding Extends Credit Coop’s Settlement Financing Reach

Meanwhile, travel card issuer Karta used a Credit Coop facility to support its launch and expansion. Karta secured $140 million in June 2026 through equity and institutional credit financing.

Galaxy Ventures led its $15 million Series A, while Community Investment Management provided a $125 million credit facility. Across its platform, Credit Coop has financed more than $2.5 billion since 2023. It has processed over 3,000 borrowing events and 9,000 repayment events onchain.

Furthermore, Visa settlement-data integration could enable same-day financing based on each issuer’s net obligation. The model aligns funding with verified requirements and supports sustainable stablecoin card growth.

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