Visa announced on Tuesday that its stablecoin settlement volume has surpassed a $20 billion annualized run rate, marking an increase of over 15 times year over year. This growth is driven by the expansion of stablecoin-linked card programs across its network, with more than 160 such programs live globally in Visa’s fiscal second quarter. Payment volume on these programs also increased by nearly 200% from a year earlier. Visa noted that this rapid expansion creates working capital requirements for card issuers, leading Credit Coop, in collaboration with Visa, to develop a stablecoin-denominated revolving credit facility secured by settlement receivables. This facility has financed over $2.5 billion in cumulative volume since 2023, with zero defaults.