Visa reported strong growth in stablecoin cards on September 8. Over 160 programs operated globally in its fiscal second quarter of 2026. Their payment volume rose nearly 200% compared with the same period last year.
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According to the announcement, Visa also reported stablecoin settlement above a $20 billion annualized run rate. That was more than 15 times the level recorded a year earlier. The company released these figures while expanding its work with Credit Coop.
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How Stablecoin Cards Use Credit Lines for Daily Settlement
This partnership enables operators to manage daily settlement obligations through revolving credit lines that are quoted in stable coins and secured against the settlement receivables. Visa stated that the ability to access settlement information reduced borrowing costs for some participants.
Visa and Credit Coop provided the figures without published independent transaction audits. The annual rate estimates recent settlement transactions on an annual basis. This doesn’t imply that Visa has already settled $20 billion of stablecoin settlement in 2026.
Stablecoin cards link the customer wallet or digital currency account with the existing Visa merchant networks. The assets are then swapped or used to settle the transaction. Payments to merchants are made using the card network system.
Visa did not reveal the value of dollar amounts behind the increase in card transactions. Moreover, regional figures and the number of transactions were not provided either. The announcement did not reveal the market segmentation of these transactions.
The latest figures build upon the disclosure Visa made in June. There were more than 160 active or upcoming programs at that time. Visa previously mentioned a $7 billion annual settlement rate up to March.
The new settlement run rate is nearly three times the March figure. Both numbers measure Visa’s stablecoin settlement activity. They do not necessarily represent consumer spending through stablecoin cards alone.
Why Stablecoin Card Operators Face Daily Funding Gaps
Card payment volume measures purchases initiated by customers. Settlement volume measures transfers between Visa and participating financial institutions or program operators. These figures track different processes and cannot be used interchangeably.
The financing arrangement addresses a timing gap for card operators. They must meet settlement obligations before receiving all corresponding cardholder payments. Credit Coop supplies funds that cover those daily requirements.
Large card portfolios can obtain warehouse credit lines or use securitizations. Smaller operators may need only several million dollars, borrowed and repaid daily. Conventional facilities can carry legal and administrative costs that make them uneconomical at that scale.
Credit Coop offers revolving facilities secured by settlement receivables. Borrowers draw funds to meet their Visa obligations each day. They repay the credit line as the related cardholder proceeds arrive.
Incoming receivables flow through Credit Coop’s Spigot smart contract. It automatically allocates part of the proceeds to principal and interest. The remaining money moves to the borrower’s operating account.
Visa shares authorized programs’ daily settlement files through a secure data connection. Credit Coop combines those records with on-chain transaction history. That information supports credit decisions, facility sizing, and repayment checks.
Visa said stronger data access reduced borrowing costs by up to 30% for some participants. It did not disclose individual interest rates. The company also did not name every program that received lower pricing.
Rain Accounts for $2 Billion in Settlement Financing
Rain offers an operating example of this financing structure for stablecoin cards. The Visa principal member provides infrastructure for these programs. It has used a Credit Coop revolving facility since August 2023.
Credit Coop sends money to Rain using the applicable Visa settlement file. Rain then pays its settlement obligation every day. Payments from the cardholders will then go into smart contracts paying interest and refilling the facility.
Visa stated all settlement obligations insured under the facility from Rain were timely. Credit Coop has provided more than $2.5 billion in cumulative financing since 2023. This figure encompassed the transaction activity on its platform.
Credit Coop noted more than 3,000 borrowing transactions and 9,000 repayment transactions on the platform. The company also reported zero defaults. All these performance claims were unverified by an independent published audit.
Rain accounted for approximately $2 billion of the reported cumulative settlement financing. Visa noted more than 2,000 borrowing transactions and 7,000 repayment transactions by Rain. It generated at least $1.58 million interest.
Karta Secures $140 Million as Visa Expands Stablecoin Cards
Karta also launched with Credit Coop financing and growing the performance record. The high-end Visa card works in the US. It uses the bank identification number of Rain.
According to Visa, Karta secured $140 million in funding in June 2026. That funding included a $15 million Series A funding round led by Galaxy Ventures. The remaining $125 million was secured in a credit facility by Community Investment Management.
Visa highlighted Karta as a perfect example of how financing moves from revolving credits to institutional financing. The daily settlement track record helped build a track record for institutional lenders. Karta related its financial growth to its performance track record.
The deal will add financing backing to Visa’s wider strategy concerning stablecoin cards. In March, Visa and Stripe-owned Bridge rolled out programs in 18 countries. They wanted to expand their presence to more than 100 countries by the end of 2026.
The Bridge-enabled stablecoin cards may be used via such platforms as Phantom and MetaMask. Visa claimed that consumers could use their balances at more than 175 million merchants’ stores. Merchants would receive traditional payment for transactions.
What Visa’s Planned Funding Model Means for Stablecoin Cards
Visa and Credit Coop are now working toward just-in-time funding for stablecoin cards. Settlement information in a program’s file would automatically initiate stablecoin transfers in the required amounts. These transfers would exactly correspond to the net payment amount.
In accordance with the new approach, money would flow to the relevant Visa settlement address. Facility operators could forego the drawdown of an entire credit line in advance. They would also avoid holding unused capital between settlement cycles.
According to Visa, the new funding model could reduce borrowing timeframes from days to several hours. Credit providers would have an opportunity to align their lending with the real-time needs of borrowers without maintaining an entire credit line for it.
The new funding model relies on precise settlement information and efficient smart contracts. Additionally, it requires stablecoin liquidity enough to transfer funds. Operational errors could lead to a delay in the settlement process even if a facility is properly funded.
Visa has not announced a deadline for extending just-in-time funding across all 160 programs. In addition, Visa has not named any stablecoins for future facilities that will support stablecoin cards.
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