Visa stablecoin settlement volume rises 15-fold
Payments giant Visa said that more than 160 card programs linked to stablecoins were operating worldwide in the second quarter of fiscal 2026. Payment volume across those programs increased nearly 200% year over year.
According to the company’s website, Visa’s stablecoin settlement volume surpassed a $20 billion annualized run rate. That is more than 15 times higher than a year earlier. In March, the company had estimated the figure at roughly $7 billion.
Stablecoin cards are gaining traction
These cards allow users to pay from a crypto wallet or stablecoin account through Visa’s existing payment infrastructure. Digital assets are converted at the time of payment, while merchants receive funds through the usual channels.
Visa is also expanding its partnership with Credit Coop, which provides stablecoin credit lines to card program operators for daily settlement. According to Visa, access to more precise payment data has helped some participants reduce borrowing costs by as much as 30%.
Visa expands its use of stablecoins
Rain was one of the first companies to use the model and has relied on Credit Coop financing since 2023. It has accounted for about $2 billion of the platform’s more than $2.5 billion in cumulative financing. Rain also settles with Visa in USDC seven days a week.
Visa is continuing to expand these products and, together with Stripe-owned Bridge, has already launched programs in 18 countries. The partners aim to expand to more than 100 countries by the end of 2026. The next step is expected to be a system in which the exact amount of stablecoins needed is transferred automatically just before settlement with Visa.
Competition in the segment is intensifying
Visa is far from the only payments company actively developing stablecoin-based products. Its main rival, Mastercard, already supports settlement in regulated stablecoins, including USDC and SoFiUSD, and works with MoonPay and other crypto companies to issue cards linked to stablecoin balances. In August, Mastercard completed its acquisition of infrastructure company BVNK to expand its digital currency capabilities and connect blockchain payments with traditional finance.
Competition is also coming from fintech companies and banks. Stripe is building its own stablecoin payment infrastructure through Bridge, while major financial institutions are increasingly experimenting with digital dollars and tokenized deposits. As a result, Visa is competing not only with Mastercard for card programs, but also with companies seeking to control other parts of the value chain, including stablecoin issuance, settlement, custody and cross-border payments.
Visa is also betting on stablecoin payments through Dunamu.