Visa Uses VisaNet Data for Stablecoin Card Working Capital

Visa on September 8, 2026 said it is combining VisaNet settlement data with onchain lending infrastructure to help stablecoin-linked card programs and fintechs access working capital, a model built around the idea of Visa stablecoin card working capital.

The approach, laid out in a Visa newsroom announcement, pairs the payment network’s settlement records with onchain lending rails so card issuers can finance day-to-day operations. Visa points to lending partner Credit Coop as an early example of the mechanism in action. For related coverage, see Strategy Doubles STRC Buyback Authorization to $2 Billion.

How Visa links VisaNet data with onchain lending

According to Visa, Credit Coop combines Visa settlement data with onchain transaction records, with customer authorization, to assess credit performance and support automated settlement financing. The stated role for VisaNet data here is credit assessment, not on-chain publication of that data. For related coverage, see Metaplanet Executive Options Pool Hits 319.5M Potential Shares.

Visa says Credit Coop uses smart contracts to automate funding, collateral management and repayment for working-capital and settlement financing. That places the lending function on-chain while card payments continue to run over Visa’s existing rails. The announcement does not detail which blockchain, stablecoin or additional partners sit behind the model. For related coverage, see Bitcoin Options Favor Calls as 25-Delta Skew Turns Negative.

What the model means for stablecoin card working capital

Working capital covers the short-term cash a card program needs to fund settlement before receivables arrive. Credit Coop CEO Chris Walker framed the problem this way in Visa’s release: “Payment companies have always had good collateral in their settlement receivables, but no way to show lenders how it performs in real time.”

Visa reports more than $2.5 billion in cumulative financed settlement volume since 2023, with zero defaults across participating facilities. That figure measures cumulative financing activity, not outstanding loan principal or total value locked.

Cumulative financed settlement volume since 2023

More than $2.5 billion

The infrastructure has processed more than 3,000 borrow events and 9,000 repayment events programmatically on-chain, per Visa. Borrower eligibility, liquidity providers, credit limits, rates and repayment timing are not spelled out in the announcement.

Adoption context sits behind the push. Visa counts more than 160 stablecoin-linked card programs on its network, with payment volume on those programs growing nearly 200% year over year. The company has separately backed stablecoin infrastructure through its role in Circle’s new Arc blockchain.

Visa also reports its stablecoin settlement volume recently surpassed a $20 billion annualized run rate, up more than 15x year over year. That is an annualized rate, not a realized full-year total.

Visa stablecoin settlement annualized run rate

More than $20 billion

Visa cites its Onchain Analytics Dashboard for more than $694 billion in stablecoin-denominated loans sent through onchain lending protocols since 2020. The underlying dashboard was not independently reviewed. Stablecoin payment tracking has itself become a distinct product niche, as seen with Fireblocks’ Flow Analytics.

What remains unconfirmed about the Visa lending model

The announcement describes customer authorization for using settlement data but does not announce regulatory approval, a new lending license or a rule change. Rollout status, eligible participants, supported markets and responsibility for lending losses remain open questions.

All financed-volume totals, default performance and borrow/repayment counts are attributed to Visa alone; no loan-level audit, facility addresses, pricing or default methodology was disclosed. Smart-contract, collateral and liquidity risks are considerations to weigh as more detail emerges, not documented defects of this model.

For context on the underlying asset, USDC traded at $0.9999 with a market cap near $74.4 billion, though Visa does not name USDC as the exclusive denomination of the financing. Independent detail on the model’s live availability and terms is the next thing to watch.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.