Full Breakdown
Visa expands on-chain credit data for stablecoin-linked card programs
9/9/2026, 10:27:56 AM
Program overview
Visa announced an initiative that pairs settlement data from its VisaNet network with on-chain lending infrastructure. The goal is to give blockchain lenders clearer insight into the performance of fintechs and neobanks that issue stablecoin-linked cards, speeding the provision of working capital. The company highlighted a pilot with Credit Coop, which uses smart-contract “Spigot” technology to automate funding, collateral management and repayment for card issuers.
Market growth and context
Stablecoin-linked cards have surged, with Visa reporting more than 160 active programs—a rise of nearly 200 % year over year. The expansion follows the U.S. GENIUS Act, which established federal rules for stablecoin issuance and spurred interest from banks and payment firms. Visa’s broader stablecoin strategy includes the Visa Stablecoin Platform, now in beta, that enables minting, redemption, holding and transfer of stablecoins within its existing payment infrastructure.
Data and statistics
- Visa’s stablecoin settlement volume has exceeded a $20 billion annualized run rate, a more than 15-fold increase year over year.
- On-chain lending protocols have processed over $694 billion in stablecoin loans since 2020.
- Credit Coop’s pilot has supported more than $2.5 billion in settlement volume since 2023, with zero borrower defaults reported.
- The pilot has recorded over 3,000 borrow events and 9,000 repayment events on-chain, creating a transparent audit trail.
Official statements & responses
Visa said the combined data offering allows lenders to assess a card program’s real-time performance by linking VisaNet settlement files with blockchain transaction records. The company described the model as “just-in-time funding,” where each settlement file can trigger a stablecoin payment that matches the exact net amount owed. Credit Coop’s founder and CEO Chris Walker explained that settlement receivables have long been strong collateral, but lenders previously lacked visibility into their live performance; the new data bridge addresses that gap. Visa’s global head of growth products and partnerships, Rubail Birwadker, emphasized that trusted payment data and on-chain technologies can create more transparent, programmable liquidity for emerging payment businesses.
Verbatim quotes
- “Stablecoin-linked cards are in hypergrowth mode,” — Cuy Sheffield, head of crypto at Visa
- “Stablecoins are not only changing how money moves, they’re creating opportunities to rethink the financial infrastructure that supports payments,” — Rubail Birwadker, global head of growth products and partnerships at Visa
What’s next
Visa indicated it will continue expanding access to settlement data for additional blockchain lenders and is developing further “just-in-time” funding models tied directly to settlement files. The company also plans to broaden the range of blockchains supported by its stablecoin settlement pilot, which already includes nine networks. These steps aim to deepen the integration of traditional payment infrastructure with digital-asset financing as the stablecoin-linked card market continues its hypergrowth trajectory.
