Visa has reached a new milestone in the development of crypto infrastructure: stablecoin settlement volume has crossed the $20B annualized run rate. Compared to a year earlier, this represents a 15x increase in the payment network's activity in this segment. By the end of the second quarter of its fiscal year, Visa had 160+ active card programs tied to stablecoins. Payment volume across these programs grew by nearly 200% year-over-year, with average monthly volume reaching approximately $1.2B. Stablecoins overall are showing sharp growth: over the past three months, total transaction volume exceeded $14.1T across more than 3.9B individual operations. Visa's growth in this segment is driven, according to the company, by the need to fund day-to-day settlement obligations before charging cardholders, which creates stable demand for stablecoins as a payment instrument.
Visa is also seeking to deepen integration with the blockchain ecosystem by connecting VisaNet data to on-chain lending infrastructure. This integration will allow lenders to extend loans based on VisaNet payment data, helping borrowers finance payment obligations. At the same time, lenders will gain access to full settlement histories, enabling them to analyze borrower activity and make decisions on credit applications. Over the past month, more than $16B in stablecoin-denominated loans passed through lending protocols, involving over 1.6M borrowers. By positioning itself in this fast-growing segment, Visa is following a strategy of expanding operations across all layers of the blockchain ecosystem.
Visa's moves reflect the desire of major payment players to secure key positions in the growing stablecoin segment. Circle recently agreed to acquire Tazapay for $400M – a platform processing over $25B in payments per year. Such institutional activity is expanding the stablecoin user base and reinforcing their role in payment infrastructure. Historically, growth in stablecoin usage has been accompanied by increased demand for other crypto assets, which may have a positive effect on the broader cryptocurrency market.