VISA has said stablecoin-linked card programs on its network have grown to more than 160 with payment volume on those programs rising nearly 200% year-on-year.

Its stablecoin settlement volume has also surpassed a $20 billion annualized run rate representing more than 15x growth from a year earlier.

The numbers highlight how VISA is increasingly moving beyond experimenting with blockchain to incorporating on-chain activity into its core payments infrastructure.

“Stablecoins are not only changing how money moves, they’re creating opportunities to rethink the financial infrastructure that supports payments,” said Rubail Birwadker, Global Head of Growth Products and Partnerships, VISA.

VISA’s latest move is to combine VisaNet settlement data with on-chain lending infrastructure allowing stablecoin-linked card programs and fintechs to access working capital.

The company said more than $694 billion in stablecoin-denominated loans have been sent through on-chain lending protocols since 2020, according to its Onchain Analytics Dashboard.

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VISA is already working with Credit Coop on a model that uses VISA settlement data and on-chain transaction records to assess credit performance and automate settlement financing. The model has supported more than $2.5 billion in cumulative financed settlement volume since 2023 with zero defaults across participating facilities. It has processed more than 3,000 borrowing events and 9,000 repayment events programmatically on-chain.

VISA views on-chain credit as a natural extension of its broader efforts to bridge traditional financial infrastructure with emerging digital asset technologies.

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