Visa said it has integrated VisaNet settlement data with blockchain lending infrastructure, opening an additional funding channel for stablecoin-linked card programs.
According to the company, lenders can use settlement records from the Visa network together with on-chain transaction data to evaluate borrower credit risk and provide financing for settlement obligations. In practice, merchants or institutions can use their transaction performance on Visa as a basis for obtaining on-chain credit to cover settlement needs.
Visa brings payment settlement records into on-chain credit underwriting
Visa announced the move on Tuesday, Sept. 8. The structure extends the use of blockchain lending beyond crypto-native borrowing and into the settlement layer of traditional payments.
Under the arrangement described by Visa, lenders can review both VisaNet settlement records and on-chain transaction history when assessing risk. That information can then support financing tied to the settlement obligations of stablecoin card programs.
Credit Coop cited as an early example
Visa pointed to Credit Coop as an early example of the model. Credit Coop is a blockchain lending protocol focused on providing credit lines to businesses.
Based on official figures cited in the report, Credit Coop has financed more than $2.5 billion in settlement volume since 2023. Participating facilities have generated more than 3,000 borrowing events and completed more than 9,000 repayments.
Those numbers indicate that Credit Coop has already reached a meaningful operating scale in stablecoin settlement, and Visa’s reference to the protocol gives added visibility to that approach.
Visa says its stablecoin activity is expanding quickly
The on-chain lending initiative comes as Visa’s stablecoin business continues to grow. The company said more than 160 stablecoin-linked card programs are currently running on its network.
Visa also said stablecoin payment transaction volume is increasing at nearly 200% year over year. Annualized stablecoin settlement volume has exceeded $20 billion, more than 15 times the level seen in the same period last year.
Rubail Birwadker, Visa’s head of global growth products and partnerships, said stablecoins are changing the way money moves and creating an opportunity to reshape payment infrastructure.
Broader investment across the stablecoin stack
Visa’s latest step is part of a wider effort in the sector. During its fiscal third-quarter earnings call in July, management said the company is investing in "every layer of the stablecoin stack," including blockchains, wallets, infrastructure, and applications.
One example is Visa’s participation in the OpenStandard alliance, which plans to issue the OpenUSD stablecoin, or OUSD. The alliance has more than 140 member companies, including Stripe.
That places Visa not only in the payment acceptance layer, but also in the issuance and infrastructure side of the stablecoin market.
On-chain market data cited by Visa
Visa Onchain Analytics data cited in the report shows that adjusted stablecoin transaction volume reached a record $1.79 trillion in June. Over the past 30 days, transaction volume was about $1.2 trillion.
Those figures form part of the market backdrop for Visa’s stablecoin strategy.
Blockchain credit moves closer to mainstream payments
At the center of the announcement is a shift in how credit data is used. Payment settlement has traditionally relied on bank credit and guarantees. Visa is now using its own transaction data as a credit input and pairing it with blockchain lending protocols.
The report said the model could affect the stablecoin payment ecosystem in several ways:
- Stablecoin card programs may gain more diverse working capital sources instead of relying only on bank credit.
- Combining VisaNet settlement data with on-chain activity creates a more verifiable base for credit assessment.
- Blockchain lending use cases can expand from DeFi collateralized borrowing into short-term financing for payment settlement.
Two points remain in focus: whether Visa and Credit Coop will disclose more details about their cooperation, and when OpenStandard’s OUSD stablecoin will officially launch.