According to reports from Visa, more than 160 stablecoin-linked card programs were operating globally during the company's fiscal second quarter of 2026. The payment volume across these programs increased nearly 200% year over year, demonstrating significant growth in stablecoin adoption for card-based transactions. As reported by Visa, the company did not publish the underlying dollar value, regional breakdown, or transaction count in its announcement, focusing instead on the overall network expansion and payment volume growth. The latest data shows monthly volume has reached approximately $1.2 billion, with the requirement for every card program to fund its daily settlement obligation before collecting from holders driving this recent growth.
According to Visa's latest disclosure, the company's stablecoin settlement volume has surpassed $20 billion annualized run rate, representing growth of more than 15 times from the corresponding period one year earlier. This figure updates the $7 billion annualized rate that Visa reported as of March 2026, indicating nearly tripled settlement activity. The settlement volume covers money transferred between Visa and participating financial institutions or program operators, measuring different processes than payment volume which covers purchases initiated by cardholders. The growth is attributed to the requirement for every card program to fund its daily settlement obligation before collecting from holders, creating a strong demand driver for stablecoin settlement infrastructure.
As reported by AMBCrypto, Visa is expanding its reach in the rapidly growing on-chain lending sector, connecting its VisaNet settlement data with blockchain-based lending infrastructure. This integration enables lenders to extend loans to finance payment obligations through VisaNet transaction data, while providing lenders access to settlement data to analyze borrower activity and assess financing requests. The on-chain lending sector has seen over $16 billion in stablecoin-dominated loans move through lending protocols in the past month, with over 1.6 million borrowers participating. This expansion represents Visa's ongoing effort to grow its operations in the digital finance space and capitalize on the growing importance of stablecoins in traditional finance.
According to Visa, Rain, a Visa principal member offering stablecoin card infrastructure, has used a Credit Coop revolving facility since August 2023, with every settlement obligation covered on time. Rain accounted for approximately $2 billion of the reported cumulative settlement financing, generating at least $1.58 million in interest across more than 2,000 borrowing events and 7,000 repayment events. Karta, a U.S.-issued premium Visa card, announced $140 million in financing in June 2026, including a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management.
According to Visa, the company and Credit Coop are working toward just-in-time funding, where a program's daily settlement file would trigger stablecoin disbursement matching the exact net amount owed. This model could shorten borrowing periods from days to hours, with funds moving directly to relevant Visa settlement addresses. As reported by Visa, the next stage will involve extending the model to additional issuers and determining whether their onchain repayment records can support larger institutional facilities. The company expects more programs to follow Karta's path, though this remains a company forecast rather than a guaranteed outcome. Visa's moves indicate the growing importance and role of stablecoins, with every major player seeking to have majority market share as institutions rush to capitalize on expanded usage.
