Visa has introduced an onchain credit model that combines VisaNet settlement data with blockchain-based lending infrastructure.
The main goal is aimed at helping stablecoin-linked card programmes and fintechs access working capital. The company positions this approach as an extension of its broader stablecoin strategy. Instead of building a lending product itself, Visa is making its settlement data available, with customer authorisation, to onchain lenders so they can assess credit performance and extend financing to payment companies more efficiently.
Onchain lending's reach into everyday payments
According to Visa's Onchain Analytics Dashboard, more than USD 694 billion in stablecoin-denominated loans have moved through onchain lending protocols since 2020, forming a credit market that operates continuously. This activity has largely remained confined to crypto markets, with limited connection to the payment experiences and businesses used more broadly. The new model is intended to link that liquidity to VisaNet settlement flows, giving lenders a clearer, real-time view of how a card programme is performing.
The initiative builds on Visa's existing stablecoin infrastructure, including the Visa Stablecoin Platform launched earlier in 2026, which supports stablecoin settlement and expanding stablecoin-linked card issuance. Visa said more than 160 stablecoin-linked card programmes now run on its network, with payment volume on those programmes growing by nearly 200% year over year (YoY). The company's stablecoin settlement volume has surpassed an annualised run rate of USD 20 billion, an increase of more than 15 times YoY.
Addressing working capital gaps for emerging programmes
Visa states fast-growing payment companies often struggle to secure working capital through traditional financing routes, which typically require established scale, a lengthy operating history or manual underwriting. The company frames blockchain-based lending, supported by verified payment data, as a way to reduce those barriers while adding transparency to the financing process.
An early implementation involves Credit Coop, which provides working capital and settlement financing for stablecoin-linked card programmes. Credit Coop uses smart contracts to automate funding, collateral management, and repayment, combining Visa settlement data with onchain transaction records to evaluate credit performance. Since 2023, the arrangement has supported more than USD 2.5 billion in cumulative financed settlement volume, with no defaults reported across participating facilities. The infrastructure has processed more than 3,000 borrow events and 9,000 repayment events directly onchain, generating an auditable record of financing activity.
Strategic context
Visa described the initiative as part of a longer-term effort to connect traditional payment infrastructure with digital asset technologies, alongside applications in treasury management and settlement. The company said access to liquidity remains a central requirement for the development of digital payment ecosystems, and that combining settlement data, tokenised assets, and programmable financial services could support new forms of lending across the industry.
