Visa has introduced an on-chain credit model that links VisaNet settlement data with blockchain lending infrastructure. The initiative aims to help stablecoin-linked card programs and fintechs obtain working capital more efficiently.
By combining payment performance data with on-chain credit markets, Visa enables lenders to assess financing needs more accurately while supporting faster and more transparent capital access. The company’s On-Chain Analytics Dashboard reveals that over $694 billion in stablecoin-denominated loans have moved through on-chain lending protocols since 2020, though most activity has remained within crypto markets. Visa now seeks to connect these lending systems with businesses reliant on payment settlement and working capital.
Visa currently supports more than 160 stablecoin-linked card programs across its network, with payment volume on these programs growing nearly 200% year-over-year. The company’s stablecoin settlement volume has surpassed a $20 billion annualized run rate—a more than fifteenfold increase from the previous year. However, emerging payment companies often struggle to secure funding during rapid growth, as traditional lenders typically require greater scale, longer operating histories, or manual underwriting. Visa believes blockchain-based lending can address these barriers when lenders receive trusted settlement data, with smart contracts automating funding, collateral management, and repayment.
Visa highlighted its work with Credit Coop as an early example. Credit Coop provides working capital and settlement financing for stablecoin-linked card programs through smart contracts. With customer approval, the company combines Visa settlement data with on-chain transaction records to assess credit performance and support automated settlement financing. Since 2023, this model has supported over $2.5 billion in cumulative financed settlement volume with zero defaults. The infrastructure has processed more than 3,000 borrowing events and 9,000 repayment events on-chain, creating a programmable and auditable financing record.
This initiative extends Visa’s broader stablecoin strategy, which includes the Visa Stablecoin Platform, stablecoin settlement, expanded card programs, and digital asset services for financial institutions. Visa views on-chain credit as another bridge between traditional payment systems and digital asset infrastructure, with potential applications across lending, treasury management, and settlement services.