Visa says Credit Coop has used stablecoin loans to finance more than $2.5 billion in card settlements since 2023. The loans provide card programs with cash to meet their daily obligations to Visa before customer payments arrive.

The figure comes from Visa and is attributed to Credit Coop. It has not been independently audited or verified.

Visa’s cumulative settlement-financing figure

Visa published the claim in an explainer last updated on September 8, 2026. The company says Credit Coop’s stablecoin loans financed more than $2.5 billion in cumulative card-settlement volume beginning in 2023. Visa does not provide an exact end date for the total, so the figure represents a running tally rather than activity on a particular day.

Visa’s footnote says the program figures come from Credit Coop, whose legal name is CMBT Labs Inc. No independent verification of the underlying loans is provided.

Visa has expanded its stablecoin-related activities on several fronts. The company previously reported that its stablecoin settlement volume had exceeded a $20 billion annualized rate and disclosed that it was operating roughly 160 stablecoin-linked card programs. Visa’s explainer is available here.

How the stablecoin loans fund settlements

Visa says the loans finance card settlements. That does not mean the settlements themselves occurred in stablecoins.

The product is described as a stablecoin-denominated revolving credit facility. Like a credit-card limit, a revolving facility becomes available again as amounts are repaid. The facility is secured by settlement receivables, or funds that customers still owe.

The arrangement is designed to address a timing gap. Card programs must pay Visa each day, while payments from cardholders may arrive later. The loan provides interim funding and is repaid when cardholder proceeds are received.

Visa says those proceeds move through Credit Coop’s Spigot smart contract, an automated blockchain-based program. The Spigot first pays interest and replenishes the credit line, then transfers the remaining funds to the borrower’s operating account.

Credit Coop receives authorized daily Visa settlement files through a secure pipeline as a registered Third Party. According to Visa, it uses those files together with onchain transaction history to size credit facilities, release funds and verify repayments.

Visa’s role in the announcement is to describe the arrangement. Visa did not issue the loans, borrow the funds or settle directly on a blockchain. Additional operational details should be independently verified before being treated as established fact.

Rain’s reported activity

Rain is one named borrower. Visa says Rain has financed its daily Visa settlement obligations through a Credit Coop revolving facility since August 2023. Approximately $2 billion in cumulative settlement volume was financed using USDC, a dollar-pegged stablecoin.

Across the platform, Visa reports more than 3,000 borrow events and 9,000 repayment events executed onchain. Those counts are dated to August 19, 2026. Repayments exceed borrowing events because one loan can fund transactions for many cardholders, whose repayments may subsequently arrive in batches.

Visa’s table for Rain lists interest paid to date as “$1.58 million and up.” That amount represents the reported borrowing cost so far; it cannot be used to calculate an interest rate from the available totals.

What the $2.5 billion figure does and does not show

The headline figure measures card settlements financed since 2023. It is a cumulative throughput total, meaning the same revolving capital may be borrowed and repaid repeatedly.

Accordingly, the $2.5 billion is not an outstanding-loan balance, company revenue or annual settlement volume. Independent reporting from CryptoSlate has made the same point about the reuse of revolving capital.

Visa does not disclose a measurement methodology, a single firm reporting cutoff for every figure, annual breakdowns or the loss protections supporting the facilities. Visa reports zero defaults, but its footnote says Credit Coop must reconfirm that status shortly before publication.

Visa also says some programs reduce borrowing costs by as much as 30%. However, it does not publish the relevant rates or calculation method. The default and cost-reduction claims therefore remain Visa’s statements and are not independently confirmed.

This type of onchain settlement financing is part of a broader expansion of card-network activity involving stablecoins. Related developments include Mastercard’s completed acquisition of BVNK and consumer products such as the MEXC Visa crypto card with USDT cashback.

The arrangement represents payment infrastructure rather than a token or investment product. It shows stablecoins being used in corporate settlement operations, but Visa’s $2.5 billion figure should be treated as a scale indicator based on the company’s own disclosure, not as an audited result.

Source: CoinLineUp

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always conduct your own research before making decisions.