📰 Visa has taken on on-chain lending this time and directly plugged it into the settlement flow of stablecoin credit cards.
Credit card issuers often have to pay Visa day by day first, but cardholders’ money only arrives later—creating repeated funding gaps in between. Credit Coop provides revolving credit lines in stablecoins: the institution borrows funds to complete same-day settlement first, and then repayments automatically flow back to cover the loan.
🔥 This design is a bit like moving receivables financing onto the blockchain. Drawdowns, fund flows, and repayments are handled by smart contracts. The money the cardholder pays back is used first to cover interest, replenish the credit capacity, and only the remainder goes to the borrower’s account. The collateral isn’t overcollateralized crypto assets—it’s the future settlement receivables.
Visa says that since 2023, this model has provided financing for settlement volume totaling more than $2.5 billion, has processed over 3,000 loans and 9,000 repayments, and has had zero defaults. But these figures come from materials provided by the project team. The same pool of funds can be borrowed and repaid repeatedly, so they can’t be directly equated with outstanding principal or real profit.
👀 What’s even more worth thinking about is that stablecoin-linked credit card projects already exceeded 160 in Q2 of fiscal year 2026. Payment volume year over year is up nearly 200%, and annualized stablecoin settlement amounts come to over $20 billion. Demand is certainly growing—but the currently disclosed credit limits, current exposure, lender concentration, and loss-sharing arrangements are still incomplete.
Rain accounts for most of the disclosed activity, with cumulative payments of about $2 billion in settlement value; Karta is described by Visa as first using on-chain credit lines to kick things off, and later obtaining $140 million in institutional financing. Honestly, on-chain lending feels more like a transitional tool for smaller projects to build operating records. Whether it can withstand defaults and insufficient receivables is the real question.
🤔 Do you think this “borrow against future receivables” model will become a standard financing approach for stablecoin payment projects?
#Visa #稳定币 #链上借贷 #CreditCoop
Credit card issuers often have to pay Visa day by day first, but cardholders’ money only arrives later—creating repeated funding gaps in between. Credit Coop provides revolving credit lines in stablecoins: the institution borrows funds to complete same-day settlement first, and then repayments automatically flow back to cover the loan.
🔥 This design is a bit like moving receivables financing onto the blockchain. Drawdowns, fund flows, and repayments are handled by smart contracts. The money the cardholder pays back is used first to cover interest, replenish the credit capacity, and only the remainder goes to the borrower’s account. The collateral isn’t overcollateralized crypto assets—it’s the future settlement receivables.
Visa says that since 2023, this model has provided financing for settlement volume totaling more than $2.5 billion, has processed over 3,000 loans and 9,000 repayments, and has had zero defaults. But these figures come from materials provided by the project team. The same pool of funds can be borrowed and repaid repeatedly, so they can’t be directly equated with outstanding principal or real profit.
👀 What’s even more worth thinking about is that stablecoin-linked credit card projects already exceeded 160 in Q2 of fiscal year 2026. Payment volume year over year is up nearly 200%, and annualized stablecoin settlement amounts come to over $20 billion. Demand is certainly growing—but the currently disclosed credit limits, current exposure, lender concentration, and loss-sharing arrangements are still incomplete.
Rain accounts for most of the disclosed activity, with cumulative payments of about $2 billion in settlement value; Karta is described by Visa as first using on-chain credit lines to kick things off, and later obtaining $140 million in institutional financing. Honestly, on-chain lending feels more like a transitional tool for smaller projects to build operating records. Whether it can withstand defaults and insufficient receivables is the real question.
🤔 Do you think this “borrow against future receivables” model will become a standard financing approach for stablecoin payment projects?
#Visa #稳定币 #链上借贷 #CreditCoop
