Visa said stablecoin-linked card programs have grown to more than 160 live globally, with payment volume up nearly 200% year over year and settlement volume reaching a $20 billion annualized run rate, a 15-fold increase from a year earlier, according to a Visa thought-leadership post updated September 8. The post detailed how two lenders, Credit Coop and Rain, are financing the working capital these programs need to cover daily settlement obligations, by combining VisaNet settlement data with onchain lending infrastructure.
Stablecoin card programs face a timing gap: card networks settle with issuers daily, including weekends, while cardholders repay over longer cycles. Early-stage programs typically need financing lines sized in the low millions of dollars with limited operating history, a profile Visa said traditional warehouse lenders often cannot underwrite economically.
Credit Coop's approach routes settlement receivables through smart contracts called Spigots that automatically direct repayments, functioning as what Visa described as a code-enforced lockbox that works at smaller facility sizes than conventional warehouse lines. As an authorized third party, Credit Coop receives Visa's daily settlement files directly, letting it size and verify facilities against both settlement data and each borrower's onchain repayment history, then disburse funding the same day settlement obligations come due.
Visa said Credit Coop has financed $2.5 billion in cumulative volume since August 2023 across more than 3,000 borrow events and 9,000 repayment events, all executed onchain, without a single default, and that borrowing costs for programs have fallen by as much as 30% as lenders have grown more comfortable with the data. Rain, a card-issuing platform, has financed roughly $2 billion in cumulative settlement volume through more than 2,000 borrow events and 7,000 repayments, generating over $1.58 million in interest with no defaults recorded.
Visa pointed to Karta, a stablecoin card program that launched under Rain's bank identification number using Credit Coop financing, as a case study. After scaling tenfold in 2025, Karta raised a $15 million Series A from Galaxy Ventures and secured a $125 million credit facility from Community Investment Management in June 2026.
