Visa stablecoin card payments jump 200% in a year

Visa has reported nearly 200% year-over-year growth in payment volume across its stablecoin-linked card programs, with more than 160 consumer and business programs operating worldwide.

Visa said on Oct. 1 that approximately 17% of its stablecoin-linked card volume during fiscal 2026 year-to-date came from business and commercial card programs. The company based the figure on VisaNet data and its internal classifications for business and commercial cards.

The payments company did not disclose the total dollar value of stablecoin-linked card purchases behind the nearly 200% growth figure. It previously reported that stablecoin settlement activity had passed a $20 billion annualized run rate, more than 15 times its year-earlier level. Payment volume on cards and settlement volume between Visa and participating institutions measure separate parts of the network.

Visa stablecoin cards have grown to more than 160 programs

More than 160 stablecoin-linked card programs are operating across Visa’s network, covering consumer, business and commercial products. Visa first disclosed the figure for its fiscal second quarter and repeated it in the latest business-payments update.

Stablecoin-linked cards allow customers to spend value held in stablecoins while using existing Visa payment infrastructure. Depending on the program, the digital assets can fund a card balance or support settlement behind the transaction while merchants continue receiving payment through normal card rails.

Visa disclosed in September that payment volume across more than 160 stablecoin-linked programs had increased nearly 200% from a year earlier. The same announcement put Visa’s stablecoin settlement volume above a $20 billion annualized rate.

Visa described the settlement figure as an annualized run rate, meaning it converts recent activity into a full-year pace. It does not mean the company had already settled $20 billion in stablecoins during fiscal 2026. The company said the run rate had increased more than 15-fold year over year.

Card adoption has continued outside traditional crypto trading platforms. Visa and Stripe-owned Bridge announced in March that Bridge-powered stablecoin cards were live in 18 countries, with plans to expand availability to more than 100 countries by the end of 2026. Visa said those cards could be used at more than 175 million merchant locations.

Businesses now make up 17% of Visa stablecoin card volume

Business and commercial programs generated approximately 17% of Visa’s stablecoin-linked card volume during fiscal 2026 year-to-date, according to the Oct. 1 VisaNet figures. Visa did not disclose what share those programs represented during the previous fiscal year.

Mark Nelsen, Visa’s global head of product, commercial and money movement solutions, said companies are increasingly considering stablecoins for supplier payments, treasury operations and cross-border commerce.

“Businesses aren’t looking for new payment technologies for the sake of innovation,” Nelsen said, adding that companies want “trusted, reliable ways to move money.” He said stablecoins are increasingly entering discussions about practical business payments.

Visa has been expanding services designed for those uses. Its Visa Direct stablecoin work allows eligible businesses and financial institutions to use stablecoins in cross-border payment funding and, in selected cases, send payouts to stablecoin wallets.

Visa explained in February that stablecoin prefunding can let Visa Direct clients fund cross-border payouts without relying only on conventional fiat accounts and normal banking hours. The system works alongside existing payment methods.

The company has separately tested direct stablecoin payouts for creators, gig workers and other recipients. Under that setup, a U.S. business can fund a payment through Visa Direct while an eligible recipient chooses to receive a dollar-backed stablecoin such as USDC in a supported wallet.

Stablecoin payments reached at least $401 billion in 2026

Visa cited research from Allium to show how commercial stablecoin payments are developing beyond card programs.

Allium’s September report estimated that stablecoin payment volume reached between $401 billion and $527 billion during the first eight months of 2026. The lower estimate represented growth of 42% from the comparable period, while the upper methodology produced growth of as much as 63%.

The research separates payments from the much larger amount of stablecoins moving between exchanges, DeFi applications, trading accounts and blockchain infrastructure. Allium estimated total stablecoin transfers at $85 trillion from January through August, but classified only $4 trillion as economic activity after removing internal transfers, routing activity, bots and other movements.

Payments accounted for as much as 13% of the adjusted economic activity. Trading remained the largest category at 69%, while store-of-value transfers represented 13%, according to Allium.

Business-to-business transactions formed the largest payment lane, reaching an estimated $137 billion to $153 billion. Service-fee payments accounted for $56 billion, payroll for $43 billion and supplier payments for $28 billion. Consumer retail purchases totaled approximately $19 billion.

Cross-border use was particularly high in B2B transfers. Allium found that 43% of geographically identified business-to-business payment volume crossed national borders, the highest cross-border share among the payment categories it studied.

Allium’s figures are research estimates based on blockchain data and transaction classifications. They are not Visa transaction totals, and Visa’s 17% commercial-card figure should not be compared directly with Allium’s estimates for the entire stablecoin payments market.

Visa is building more stablecoin payment tools

Visa’s stablecoin work now covers cards, settlement, payouts, funding and infrastructure for financial institutions.

In July, Visa introduced the Visa Stablecoin Platform, an enterprise product for banks, fintech companies and crypto businesses. The platform initially supports Open USD and provides tools for holding, transferring, minting and redeeming stablecoins within a Visa-managed environment.

The service includes wallet infrastructure and controls intended for financial institutions that want stablecoin capabilities without building a complete blockchain system internally. Access remains limited to selected participants during the initial rollout.

Visa has been developing the settlement side separately. Its network lets selected issuers and acquirers settle certain Visa obligations using USDC on supported blockchains, including in the U.S.

In September, Visa introduced another model using onchain lending to finance stablecoin-linked card settlement. The company combined VisaNet settlement information with lending infrastructure from Credit Coop so participating card programs can borrow stablecoins to meet daily settlement obligations.

As crypto.news reported, Credit Coop said it had financed $2.5 billion cumulatively since 2023 across more than 3,000 borrowing events. Visa said the system had helped some participating programs reduce borrowing costs by as much as 30%, though individual rates were not disclosed.

Visa is working toward a model where daily settlement files can trigger a stablecoin loan matching the exact amount a card program owes. The company said the proposed setup could reduce the time capital remains borrowed because funding would be tied more closely to individual settlement cycles. No launch date for that system across all stablecoin-linked programs has been announced.