Visa Stablecoin Settlement Run Rate Passes $20B

Visa says its stablecoin settlement volume recently surpassed a $20 billion annualized run rate, up more than 15x year over year. The reading, disclosed in the context of Visa’s fiscal second quarter 2026, points to a sharp expansion in settlement activity across the payments company’s stablecoin infrastructure.

Data Snapshot

Metric	Current	Previous	Change	Period	As of	Source
Stablecoin settlement volume	a $20 billion annualized run rate	—	up more than 15x year over year	recently; Visa fiscal second quarter 2026 context	September 8, 2026	Visa
Stablecoin-linked card programs	more than 160	—	—	Visa fiscal second quarter 2026	September 8, 2026	Visa
Payment volume on stablecoin-linked card programs	nearly 200%	—	grew nearly 200% year over year	Visa fiscal second quarter 2026	September 8, 2026	Visa
U.S. Visa stablecoin settlement volume	more than $3.5B in annualized stablecoin settlement volume	—	—	As of November 30, 2025	December 16, 2025	Visa

Settlement run rate

Visa says its stablecoin settlement volume recently surpassed a $20 billion annualized run rate in the context of its fiscal second quarter 2026.

Visa said the figure was up more than 15x year over year.

Its earlier disclosed U.S. reading was a $3.5 billion annualized run rate for monthly stablecoin settlement volume as of November 30, 2025, according to its December 16, 2025 announcement. That figure is not a like-for-like growth comparison with the later $20 billion reading because the disclosures differ in geographic scope and reporting context.

Card-program payment volume

Visa reported that more than 160 stablecoin-linked card programs were live globally in its fiscal second quarter 2026. Payment volume on those programs grew nearly 200% year over year, the company said.

That payment-volume measure is distinct from stablecoin settlement volume. Card-program payment volume tracks spending on the programs, while settlement volume concerns the obligations being settled through Visa’s stablecoin framework; consequently, the nearly 200% growth figure and the more-than-15x settlement comparison are not directly comparable.

The program count and payment-volume growth indicate that Visa’s stablecoin activity extends beyond the back-end settlement metric. However, Visa did not provide a payment-volume dollar figure in the disclosure.

USDC settlement and financing

Visa’s U.S. stablecoin settlement framework allows select issuer and acquirer partners to settle VisaNet obligations using Circle’s USDC over supported blockchains.

Visa says the arrangement supports seven-day settlement windows, including weekends and holidays, rather than the traditional five-business-day window. The company has also described an onchain financing use case around stablecoin-linked card programs.

For that use case, Credit Coop’s financing model uses daily Visa settlement data and an onchain record to automate funding and repayment for those programs, Visa says.

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