Visa reported that payment volume from stablecoin-linked card programs grew nearly 200% year-on-year in the fiscal second quarter of 2026, with over 160 active stablecoin card initiatives worldwide. The company’s announcement also revealed a stablecoin settlement run rate over $20 billion annually, up more than 15 times from the previous year.
Stablecoin card program expansion and settlement surge
The payments giant reported these figures as it expanded its partnership with Credit Coop, a lending platform facilitating settlement services for stablecoin card operators. Visa’s stablecoin settlement rate now stands at nearly three times the March 2026 figure, reflecting accelerating adoption of digital asset-backed cards. Despite this growth, Visa’s stablecoin transactions still comprise a small segment of its $4 trillion per quarter network.
Visa measures settlement volume as the value transferred between card program operators and itself, which does not directly equal consumer spending on stablecoin cards. The company did not release data about regional usage, specific transaction numbers, or the precise underlying dollar values behind the surge in stablecoin card payments.
Visa emphasized that while transaction volumes have risen rapidly, the reported settlement run rate does not represent the full value of consumer purchases—rather, it refers to transactions settled by card operators on the network.
Independent audits have not yet been published for these settlement totals. Visa’s statistics are based on its internal data on settlement flows, reported at an annualized pace.
Credit Coop’s credit solutions for stablecoin cards
Through its partnership with Credit Coop, Visa has enabled stablecoin card operators to access revolving credit lines secured by their daily settlement receivables. This financing arrangement allows operators to meet obligations to Visa each day even before all cardholder payments arrive.
Credit Coop uses smart contracts known as “Spigot” to automatically allocate repayments from cardholder proceeds to both principal and interest, with any surplus delivered to the operator’s account. Visa provides authorized operators with direct access to daily settlement files via secure channels, supporting more accurate credit assessments.
Visa reported cost reductions of up to 30% for some program participants due to improved settlement data transparency. However, the company did not specify which participants benefited or disclose the interest rates applied.
Mini dictionary: Credit Coop is a financial technology platform that specializes in providing credit line solutions to digital asset businesses, including operators of crypto-linked card programs. Its facilities are typically secured by future settlement receivables.
Rain and Karta: Models for stablecoin card financing
Rain, a Visa principal member that delivers infrastructure for stablecoin card programs, has drawn over $2 billion in settlement financing using Credit Coop’s revolving credit facility since August 2023. Rain has logged more than 2,000 borrowing and 7,000 repayment transactions in that period, generating $1.58 million in interest. Credit Coop stated that no defaults have occurred, although these claims have not been independently audited.
Karta, another stablecoin card operator, also employs Credit Coop’s financing to support its high-end Visa cards in the US. In June 2026, Karta secured $140 million in new funding, including a $15 million Series A led by Galaxy Ventures and a $125 million credit facility from Community Investment Management.
| Operator | Credit Facility Total | Number of Borrowing Transactions | Number of Repayments | Interest Generated |
|---|---|---|---|---|
| Rain | $2 billion | 2,000+ | 7,000+ | $1.58 million |
| Karta | $125 million | N/A | N/A | N/A |
Visa positioned Karta as an example of how strong daily settlement records can help card programs evolve from revolving credit lines to institutional financing. The move forms part of Visa’s broader stablecoin card expansion strategy. In March, the company and Stripe’s Bridge enabled stablecoin card programs in 18 countries and planned to expand their reach to over 100 countries by the end of 2026.
Karta’s rapid growth demonstrates how performance track records are helping stablecoin card operators secure substantial institutional financing for further expansion.
The network includes integration with platforms such as Phantom and MetaMask, allowing consumer use at more than 175 million merchants. For merchants, transactions are received as conventional payments.
Mini dictionary: Karta is a US-based Visa card program focused on offering premium, stablecoin-backed card products that combine traditional card acceptance with crypto assets as the funding source.
Visa, Credit Coop target just-in-time funding
Visa and Credit Coop are now developing a just-in-time funding model, under which settlement information would trigger automatic stablecoin transfers tailored precisely to each program’s net payment needs. The aim is to shorten borrowing timelines from days to hours and reduce the need for operators to borrow excess capital beyond immediate requirements.
This model depends on precise settlement data and efficient smart contract execution, as well as sufficient stablecoin liquidity. However, operational issues may still cause delays, even if the facility is adequately funded.
Visa has set no firm timeline for rolling out just-in-time funding to all programs and has not named specific stablecoins to be supported under future facilities.
