Visa is combining its VisaNet settlement data with onchain lending infrastructure to help stablecoin-linked card programs access working capital, as stablecoin settlement volume surpasses a $20B annualized run rate, up more than 15x YoY.

More than 160 stablecoin-linked card programs are now live on Visa’s network, with payment volume growing nearly 200% YoY. The company says early-stage programs often struggle to secure traditional working capital needed to fund daily settlement obligations.

Visa is working with decentralized lending platform Credit Coop to use settlement data alongside onchain transaction records for credit underwriting, while smart contracts can automate collateral management, disbursements and repayments.

Credit Coop has financed more than $2.5B in cumulative settlement volume since 2023, processing over 3,000 borrow events and 9,000 repayment events onchain with zero defaults.

The initiative could make settlement financing more accessible to smaller stablecoin card issuers while creating a data-driven path for programs to graduate from onchain revolving facilities to larger institutional credit lines.

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