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Visa Links VisaNet Data to Onchain Lending for Stablecoin Card Financing
Settlement data will help blockchain lenders assess working-capital credit for fast-growing card programs
TL;DR
- Visa is connecting VisaNet settlement data with onchain lending infrastructure to support working-capital financing for stablecoin-linked card programs and fintechs.
- Visa’s stablecoin settlement activity has surpassed a $20 billion annualized run rate, while stablecoin-linked card payment volume has accelerated sharply.
- An early Credit Coop model has already financed billions of dollars in settlement activity through automated onchain borrowing and repayment.
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Visa said on September 8, 2026, that it is combining VisaNet settlement data with onchain lending infrastructure so blockchain lenders can use payment and blockchain information to assess working-capital credit for stablecoin-linked card programs and fintech companies. Visa’s stablecoin settlement volume has surpassed a $20 billion annualized run rate, up 15-fold year over year, as the company looks to make settlement data available as an underwriting input for lenders serving issuers behind that growth.
Visa said the system can give lenders visibility into a card program’s settlement receivables, meaning money due to the program after customer payments clear. With customer authorization, those VisaNet records can be combined with onchain transaction data to assess credit performance and automate portions of settlement financing. The structure is designed around working capital, allowing lenders to evaluate current settlement flows and receivables rather than relying solely on conventional financial histories when assessing newer payment businesses.
Visa said more than 160 stablecoin-linked card programs now operate across its network. Payment volume generated by those programs has increased nearly 200% year over year, creating growing short-term financing needs as issuers fund payment and settlement obligations before receivables arrive.
Credit Coop pilot puts the lending model into operation
Visa has already tested an early version of the financing model with Credit Coop, a decentralized lending platform that uses smart contracts to automate funding, collateral management and repayment. The system links payment-settlement information with blockchain infrastructure so financing activity can be processed programmatically rather than relying entirely on manual lending operations.
The Credit Coop model has financed more than $2.5 billion in cumulative settlement volume since 2023. Visa said there were “no defaults across participating facilities,” limiting that claim specifically to the facilities involved in the early model rather than to stablecoin lending more broadly.
The system has processed more than 3,000 borrowing events and more than 9,000 repayment events programmatically onchain. Those figures amount to roughly three repayment events for every borrowing event and show that the model has been used repeatedly across individual credit and repayment transactions rather than through a single financing arrangement.
Visa’s approach keeps the settlement data permissioned. Customer authorization is required before VisaNet settlement information can be combined with blockchain records for credit assessment. The resulting structure gives lenders access to payment-network activity while using onchain infrastructure for credit issuance, collateral processes and repayments.
The initiative also follows Visa’s effort to expand its stablecoin settlement infrastructure. Two weeks before the September announcement, Visa was seeking a new stablecoin settlement partner with licensing capabilities across several regions as the company continued developing infrastructure around fiat-pegged digital-asset settlement.
Stablecoins are digital tokens generally pegged to traditional financial assets, usually fiat currencies. Visa, Mastercard and Stripe were identified as major payment companies treating stablecoins as a priority, placing the new lending mechanism alongside broader efforts to support settlement and card activity tied to those assets.
Visa’s lending initiative does not mean the company is simply moving a conventional lending business onchain. The stated model is to let blockchain lenders use authorized Visa settlement information when assessing credit for issuers and fintechs, while smart contracts automate parts of the financing process.
The $20 billion-plus figure measures Visa’s annualized stablecoin settlement activity, while the $2.5 billion-plus figure measures cumulative settlement volume financed through the Credit Coop model. Likewise, the 15x growth rate applies to stablecoin settlement activity, while the nearly 200% increase applies to payment volume generated by stablecoin-linked card programs.
This article has been refined and enhanced by ChatGPT.
