Visa just quietly posted the kind of growth number that makes fintech founders stare at their ceiling at 3 a.m. The company’s stablecoin settlement volume reached a $20 billion annualized run rate in its fiscal second quarter of 2026, a figure that represents a 15-fold increase compared to the same period last year.
To put that trajectory in perspective: Visa was running at roughly $3.5 billion annualized late in 2025, hit $7 billion by April 2026, and has now nearly tripled again in a matter of months. Stablecoin-linked cards have become one of the fastest-growing segments in Visa’s entire portfolio.
The card program explosion
More than 160 stablecoin-linked card programs are now live on Visa’s network globally. Payment volumes tied to these programs surged nearly 200% year-over-year.
What makes this interesting is the mechanism. Consumers hold stablecoins, swipe a Visa card, and the merchant receives fiat. Visa handles the conversion and settlement layer in between.
Credit Coop and the zero-default credit line
One of the less flashy but arguably more consequential pieces of this story involves Visa’s expanded partnership with Credit Coop. Together, they operate a stablecoin-denominated revolving credit facility designed to solve a specific pain point: early-stage card issuers often struggle to fund their daily settlement obligations with Visa.
The facility has cumulatively financed over $2.5 billion since launching in 2023, spanning more than 3,000 individual borrowing events. The default rate across all of those transactions sits at exactly zero.
Programs using the facility have cut their borrowing costs by as much as 30% compared to traditional financing methods.