Visa is using payment settlement data and blockchain lending tools to help lenders evaluate working-capital financing for stablecoin-linked card programs and fintechs.

The company said its stablecoin settlement volume has surpassed an annualized rate of $20 billion. Visa also said an early financing model involving Credit Coop has supported more than $2.5 billion in cumulative settlement volume since 2023.

Under the model, lenders can use VisaNet settlement data together with blockchain transaction records to assess a payment business’s performance and determine financing terms, Visa said in an announcement on Tuesday. The company described the initiative in its official announcement.

“We're seeing how trusted payment data and onchain technologies can work together to unlock new forms of liquidity, helping businesses access capital in ways that are more transparent, programmable and aligned to the speed of modern commerce,” Rubail Birwadker, Visa’s global head of growth products and partnerships, said in a statement.

Birwadker said stablecoins are changing how money moves and creating opportunities to redesign payment infrastructure. Visa cited its analytics dashboard in saying that onchain lending protocols have processed more than $694 billion in stablecoin loans since 2020.

Across more than 160 stablecoin-linked card programs on Visa’s network, payment volume grew nearly 200% year over year. Stablecoin settlement volume increased more than 15-fold to an annualized rate above $20 billion, the company said.

The announcement follows Visa’s argument last October that stablecoin lending could bring parts of the $40 trillion global credit market onto blockchains. In July, Visa introduced a stablecoin platform for banks and fintechs that combines issuance, wallets, transfers, and treasury functions with its payment infrastructure.

“Traditional financing structures often require significant scale, operating history or manual underwriting processes before credit becomes available,” Visa wrote. “Visa believes blockchain-based lending infrastructure, supported by trusted payment data, can help address these challenges while introducing greater transparency and efficiency.”

Visa identified its work with Credit Coop as an early example of the model. Credit Coop provides working capital and settlement financing, using smart contracts to automate funding, collateral management, and repayment. With customer authorization, it combines Visa settlement data with blockchain records to assess credit performance.

The structure ties financing to a payment business’s incoming settlement receivables, while the data used for assessment comes from both Visa’s payment network and blockchain activity. That creates a framework in which funding, collateral management, and repayment can be handled through the same smart-contract-based process, although the release does not establish how widely the model is available.

The loans are backed by settlement receivables, or money owed to a payment business, with repayments collected from those incoming funds. Visa said the model has financed more than $2.5 billion in cumulative settlement volume since 2023 and recorded zero defaults across participating facilities. The release did not name the participating lenders or specify financing rates or broader availability.

Visa has also expanded its stablecoin payment services. In April, it added Arc, Base, Canton, Polygon, and Tempo to its settlement program, bringing the total number of supported blockchains to nine. At the time, Visa disclosed an annualized settlement rate of $7 billion.