Visa Taps VisaNet Data for Stablecoin Card Working Capital
Visa is opening its VisaNet settlement data to onchain lenders, giving stablecoin-linked card programs a new route to working capital by pairing authorized payment records with blockchain-based credit facilities.
The announcement combines two things Visa has kept separate until now: the settlement data that flows through its network and the onchain lending rails that fintechs increasingly use to fund operations. With customer authorization, the credit protocol Credit Coop blends Visa settlement data with onchain transaction records to assess credit performance and automate settlement financing, according to Visa. For related coverage, see SBI Buys 20% Stake in Ajaib for $270M to Expand Yen Stablecoin.
It arrives as Visa continues to lean into stablecoins across geographies, from a partnership with Dunamu that expands stablecoin payments in South Korea to a pilot with Shinhan that tests stablecoin issuance and B2B settlements. Financing card programs is the connective tissue between those experiments and everyday commerce.
How Visa connects VisaNet data with onchain lending
The mechanism has two distinct components. VisaNet supplies the settlement data, the record of what card programs are owed and when, while onchain infrastructure supplies the capital and the repayment logic. Visa is not publishing settlement data to a public blockchain; instead the data is shared under authorization to inform lending decisions made onchain. For related coverage, see Casper and Payouts.com Tackle the Agent Payment Problem Visa Calls Hardest to Solve.
On the data side, Credit Coop operates as an authorized registered Third Party that receives daily Visa settlement files through a secure pipeline, which Visa says inform facility sizing, disbursements and repayment verification alongside onchain history, per Visa’s technical explanation. That authorized daily feed is what lets a lender price risk against live performance rather than stale statements.
On the lending side, Visa describes the Credit Coop facility as stablecoin-denominated revolving credit secured by settlement receivables, with a smart contract called Spigot that routes repayment from incoming proceeds before the borrower receives operating funds. Visa likens the arrangement to a lender lockbox under a deposit account control agreement, a structure that lets small facilities become economical because repayment is enforced at the flow of funds.
By combining Visa settlement data with onchain infrastructure, we can evaluate live performance, enforce repayment from the settlement flow and extend capital onchain from participating lenders as a program grows.
— Chris Walker, Founder and CEO, Credit Coop, in Visa’s announcement
What the combination targets: stablecoin card working capital
The purpose is working capital for card issuers, not consumer credit. Stablecoin-linked card programs and fintechs frequently owe Visa settlement before they collect from their own downstream flows, and that timing gap is precisely what a receivables-backed revolving facility is designed to bridge. This is business financing for the operator of a card program, not a lending product offered to cardholders.
As general context, working capital covers the short-term liquidity a business needs to meet obligations between outflows and incoming revenue; here that obligation is daily settlement to Visa. The specifics of this arrangement, such as loan sizes, terms and pricing for any individual program, are not detailed in the fetched sources.
Visa reports that participating programs have seen borrowing costs fall by as much as 30%, though the article gives no baseline interest rate or measurement methodology, so the figure should be read as an issuer claim rather than a demonstrated result. The card issuer Rain has financed daily Visa settlement obligations through a Credit Coop revolving facility since August 2023.
The scale behind the effort is meaningful. Visa reports more than 160 stablecoin-linked card programs on its network and card-program payment volume growth of nearly 200% year over year, and says stablecoin settlement volume surpassed a $20 billion annualized run rate, up more than 15x year over year.
Stablecoin settlement annualized run rate
More than $20 billion
The run rate is a pace measure, not realized annual revenue or outstanding loans, a distinction worth holding onto given how easily large annualized figures get read as balances. Rubail Birwadker, Visa’s Global Head of Growth Products and Partnerships, said the company is seeing how trusted payment data and onchain technologies can work together to unlock new forms of liquidity, helping businesses access capital in ways that are more transparent, programmable and aligned to the speed of modern commerce.
Which financing and rollout details remain unconfirmed
Visa’s historical figures are issuer-reported and not independently audited. The company cites more than $2.5 billion in cumulative financed settlement volume since 2023 and zero defaults across participating facilities, figures that describe past activity rather than current outstanding loans.
Cumulative financed settlement volume since 2023
More than $2.5 billion
Visa also reports more than 3,000 borrow events and 9,000 repayment events processed programmatically onchain by the infrastructure. No independently inspected contract addresses, transaction hashes or loan balances confirm those counts, and the detailed Visa article dates the onchain event tally to August 19, 2026, while flagging that the settlement run rate and zero-default status carry confirmation caveats.
Broader eligibility, the full set of participating lenders, the chains involved and the specific stablecoin denomination are not sufficiently specified in the fetched evidence to assert. Calling Credit Coop a registered Third Party describes its status within Visa’s network, not a regulatory lending approval, and the announcement introduces no new law or regulatory decision.
The market backdrop is calm rather than reactive. USDC, a representative dollar stablecoin, traded at roughly $1.00 with negligible 24-hour movement, and there is no verified evidence of a token-price reaction to the financing news.
Read alongside Visa’s search for a new stablecoin settlement partner after Mastercard’s acquisition of BVNK, the financing move signals that the card networks now treat stablecoins as infrastructure to be built out end to end, from issuance and settlement to the credit that keeps programs solvent.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.