Story perspectives

Visa Singapore ties VisaNet settlement data to on-chain loans

9/9/2026

Summary

Story summary

Visa Singapore launched a program that merges VisaNet settlement data with on-chain lending to fund stablecoin-linked card programs.
Visa reported stablecoin settlement volume exceeding a $20 billion annualized run rate, more than 15 times year-over-year.
Credit Coop financed $2.5 billion settlement volume since 2023 with zero defaults, logging 3,000 borrows and 9,000 repayments on-chain.
In April, Visa expanded its stablecoin settlement pilot to nine blockchains, adding five new ones.

History

Historical Context

In July 2014, Realcoin—later renamed Tether—was launched by Brock Pierce, Reeve Collins and Craig Sellars, creating the first widely used dollar-pegged stablecoin. By September 2025 Tether controlled about 70% of stablecoin market share with a circulating supply over $170 billion, a model that inspired Visa’s 2024 blockchain settlement platform and echoes JPMorgan’s 2020 JPM Coin pilot, driving broader crypto adoption.

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Story summary

Visa Singapore launched a program that merges VisaNet settlement data with on-chain lending to fund stablecoin-linked card programs.
Visa reported stablecoin settlement volume exceeding a $20 billion annualized run rate, more than 15 times year-over-year.
Credit Coop financed $2.5 billion settlement volume since 2023 with zero defaults, logging 3,000 borrows and 9,000 repayments on-chain.
In April, Visa expanded its stablecoin settlement pilot to nine blockchains, adding five new ones.

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