Visa’s stablecoin settlement volume has surpassed a $20 billion annualized run rate, up more than 15x year over year, as stablecoin-linked card programs expand across its network.
More than 160 stablecoin-linked card programs were live globally in Visa’s fiscal second quarter, while payment volume on those programs increased nearly 200% from a year earlier, Visa said Tuesday.
The growth is creating a working-capital requirement for card issuers, which must fund daily settlement obligations before collecting payments from cardholders, Visa said, adding that some early-stage programs need only a few million dollars and settle every day, making traditional warehouse facilities less economical.
"The result is that some early-stage programs are constrained less by demand or by network infrastructure than by access to working capital structured for how they operate day to day," Visa wrote.
Credit facility around settlement
