Visa said its stablecoin-linked card payment business expanded sharply in the second quarter of fiscal 2026, with payment volume up 200% from a year earlier, more than 160 related card programs in operation, and annualized stablecoin payment volume exceeding $20 billion.

According to Visa, stablecoin-linked cards let users spend stablecoins from their digital wallets for card payments while Visa’s settlement obligations on its network are fulfilled first during the transaction flow. The company said the category has now grown to more than 160 card programs tied to stablecoins.

Visa said annualized stablecoin payment volume topped $20 billion as of its fiscal second quarter of 2026, which it described as more than a 15-fold increase from the previous year. The figures were disclosed by the company and position stablecoin-linked card activity as a fast-growing part of its broader payments infrastructure.

The company also outlined a financing arrangement with Credit Coop aimed at addressing a practical constraint in these programs. Visa said some early card setups require daily settlement, and even when the required funding amount is relatively small, access to traditional lending can be difficult. To address that, the two companies established an on-chain revolving loan structure that uses receivables from card program settlements as collateral to supply daily settlement funds.

Visa said that structure can reduce funding costs for participating programs by as much as 30%. It also said Credit Coop has raised more than $2.5 billion since 2023 and has processed more than 3,000 on-chain loans and over 9,000 repayments. With limited additional verified background available, Visa did not disclose further operational details in the information provided, including how broadly the financing model has been adopted across the more than 160 programs.

Why It Matters

The announcement points to a shift in the stablecoin story from simple issuance and trading toward payment and settlement infrastructure. For the sector, the important development is not only that users can spend stablecoins through cards, but that companies are building credit and settlement mechanisms around that activity.

That matters for institutional adoption because payment networks typically depend on reliable liquidity, predictable settlement, and workable funding structures for program operators. If those layers improve, stablecoin cards could become easier to scale within mainstream payment rails rather than remaining a narrow crypto-native product.