Visa’s “17%”—don’t misread the denominator.
Visa disclosed on October 1: for fiscal year 2026 year-to-date, in the stablecoin-linked card transactions, about 17% comes from business and commercial card programs. Here, the denominator is “stablecoin-linked card transaction volume,” not Visa’s total payments, and not global stablecoin transaction volume.
The company also said the relevant card programs exceed 160, with transaction volume up nearly 200% year over year. The growth rate and the share are answering different questions—you can’t simply combine them to determine the size of the whole industry.
My take: these figures can show that enterprise card programs already have usage, but you can’t conclude that every transaction is payroll or payments to vendors based solely on the card-program category. When analyzing payments, first look at the denominator, then examine the specific purpose.
Source: Visa’s official announcement on October 1; VisaNet FY26 YTD, classified by internal card program category.
#stablecoin payments
Visa disclosed on October 1: for fiscal year 2026 year-to-date, in the stablecoin-linked card transactions, about 17% comes from business and commercial card programs. Here, the denominator is “stablecoin-linked card transaction volume,” not Visa’s total payments, and not global stablecoin transaction volume.
The company also said the relevant card programs exceed 160, with transaction volume up nearly 200% year over year. The growth rate and the share are answering different questions—you can’t simply combine them to determine the size of the whole industry.
My take: these figures can show that enterprise card programs already have usage, but you can’t conclude that every transaction is payroll or payments to vendors based solely on the card-program category. When analyzing payments, first look at the denominator, then examine the specific purpose.
Source: Visa’s official announcement on October 1; VisaNet FY26 YTD, classified by internal card program category.
#stablecoin payments
