Visa stablecoin settlements hit $20B annualized run rate

Visa said stablecoin settlement volume recently surpassed a $20 billion annualized run rate, more than 15 times year over year. The company published the milestone in an 8 September 2026 newsroom release, also posted on Investor Relations.

Those figures are a company run-rate milestone, not audited trailing-twelve-month settlement revenue.

More than 160 stablecoin-linked card programs now operate on Visa. Payment volume on those programs is up nearly 200% year over year. Those two figures sit behind the $20 billion headline.

The same release says Visa is linking VisaNet settlement data with onchain lenders so stablecoin card programs can tap working capital. The early Credit Coop model has financed more than $2.5 billion in cumulative settlement volume since 2023, with zero defaults. Visa's Onchain Analytics Dashboard puts about $694 billion of stablecoin-denominated loans through onchain protocols since 2020.

Credit Coop has also processed more than 3,000 borrow events and 9,000 repayment events programmatically onchain. The Block repeated the run-rate and program counts from the company release.

The $2.5 billion Credit Coop book with zero defaults is the figure the $20 billion run-rate headline can bury, and it sits in the same tokenized-settlement file as Citi and DBS weekend USD on Swift's ledger and Treasury's GENIUS Act Section 3 NPRM.