Visa says a company called Credit Coop has used stablecoin loans to finance more than $2.5 billion in card settlements since 2023. In plain terms, these loans front the cash that card programs owe Visa each day, before customer payments arrive. The figure comes from Visa itself, not an independent audit.
Key Takeaways
- Visa is the source of the claim, and it attributes the figures to Credit Coop.
- Credit Coop stablecoin loans reportedly financed more than $2.5 billion in card settlements.
- The reported period begins in 2023, with no exact end date supplied.
Visa says Credit Coop loans financed $2.5 billion in settlements
Visa published the claim in an explainer last updated on September 8, 2026. It says Credit Coop stablecoin loans have financed more than $2.5 billion in cumulative volume since 2023. That money funds daily Visa settlement obligations for card programs. For related coverage, see U.S. Bank Tests USBDC Stablecoin Payment on Stellar.
Credit Coop cumulative settlement financing since 2023
More than $2.5 billion
The reporting period begins in 2023. Visa does not supply an end date for that dollar total. So treat the number as a running tally, not a snapshot of any single day.
This is a Visa-attributed claim. Visa’s own footnote says the program figures come from Credit Coop, the legal name of which is CMBT Labs Inc. There is no independent verification of the underlying loans.
Visa has been expanding its stablecoin work on several fronts, having earlier reported that its stablecoin settlement topped a $20 billion annualized rate. It has also disclosed running roughly 160 stablecoin-linked card programs.
The stated role of stablecoin loans in card settlement funding
Here is the key distinction. Visa says the loans finance card settlements. That is not the same as saying the settlements themselves happened in stablecoins.
Visa describes the product as a stablecoin-denominated revolving credit facility. A revolving facility works like a credit card limit that refills as you repay it. It is secured by settlement receivables, the money customers still owe.
The purpose is timing. Card programs must pay Visa daily, but customer payments arrive later. The loan bridges that gap, then gets repaid when cardholder proceeds come in.
Visa says those proceeds pass through Credit Coop’s Spigot smart contract, an automated program on a blockchain. The Spigot pays interest and refills the credit line first, then sends the rest to the borrower’s operating account.
Credit Coop receives authorized daily Visa settlement files through a secure pipeline as a registered Third Party. Visa says it uses those files, alongside onchain history, to size facilities, release funds, and verify repayments.
Visa’s role here is limited to describing the arrangement. Visa did not issue the loans, borrow the funds, or settle directly on a blockchain. Any further operational detail should be verified before being treated as fact.
One named borrower is Rain. Visa says Rain has financed daily Visa settlement obligations through a Credit Coop revolving facility since August 2023, with roughly $2 billion in cumulative settlement volume financed using USDC, a dollar-pegged stablecoin.
Across the whole platform, Visa reports over 3,000 borrow events and 9,000 repayment events executed onchain, with those counts dated to August 19, 2026. Repayments outnumber draws because a single loan can fund many cardholders whose repayments then arrive in batches.
Visa’s Rain table lists interest paid to date of “$1.58 million and up.” That is the cost of borrowing so far, not an interest rate you can calculate from the totals.
Rain interest paid to date, according to Visa
$1.58 million and up
What the $2.5 billion figure establishes, and what it leaves open
The headline number measures card settlements financed since 2023. It is a cumulative total of throughput, meaning the same revolving capital can be borrowed and repaid many times over.
So the figure is not outstanding loan balances. It is not revenue. And it is not an annual settlement volume. Independent reporting from CryptoSlate makes the same point about reused revolving capital.
Several details are missing. Visa does not disclose a measurement methodology, a firm reporting cutoff for every figure, yearly breakdowns, or the loss protections behind the facilities.
Visa reports zero defaults, but its footnote asks Credit Coop to reconfirm that status just before publication. Visa also claims some programs cut borrowing costs by as much as 30%, though it publishes no rates or method. Both remain unconfirmed and should be read as Visa’s own statements.
This kind of onchain settlement financing sits alongside a broader push by card networks into stablecoins, including Mastercard’s completed BVNK acquisition and consumer products like the MEXC Visa crypto card with USDT cashback.
For a regular crypto holder, the practical takeaway is simple. This is corporate plumbing, not a token or an investment. It shows stablecoins moving into everyday payment infrastructure, but the $2.5 billion figure is Visa’s own claim, so read it as a scale marker rather than an audited result.
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 do your own research before making decisions.
