Lenders that fund blockchain-native businesses will gain new visibility into card issuers’ payment flows, a change Visa says will shrink underwriting timelines for firms issuing stablecoin-linked cards. The payments company plans to link its settlement records to onchain lending infrastructure so credit providers can review issuer performance signals before extending capital.
Visa frames the move as a way to accelerate borrowing for fast-growing issuers that need working capital to expand card programs and customer volumes. The company currently supports more than 160 stablecoin-linked card programs, a nearly 200% increase year over year, evidence it cited to justify faster access to financing. Cuy Sheffield, head of crypto at Visa, said, "Stablecoin-linked cards are in hypergrowth mode," and added that new issuers are joining the network and launching cards every week.
To meet that demand, Visa is forging partnerships that let new issuers tap financing through smart contracts and onchain credit. Sheffield said, "We've been running a pilot with a company called Credit Coop that is enabling a credit facility for stablecoin-linked card providers, which we think is a positive step forward for how onchain credit can start to come into our network." Credit Coop reports it has processed $2.7 billion in total volume year to date on its platform through smart contracts, and it says no borrower has defaulted.
Visa also pointed to broader onchain lending activity, stating nearly $700 billion in stablecoin-denominated loans has flowed through onchain lending protocols over the past six years. Much of that volume remains concentrated inside crypto markets, Visa said, but pairing settlement data with blockchain-based credit tools could make it simpler for lenders to evaluate financing opportunities across a wider set of businesses.
Sheffield called last year’s passage of the GENIUS Act a "huge" turning point for U.S. stablecoin regulation, and he said banks and major payments firms are engaging with Visa to use stablecoins inside existing products or to develop new ones together. Visa launched a stablecoin platform in July to support settlements, expand card programs, and give financial institutions more digital-asset capabilities, a move that aligns with similar efforts from Mastercard, PayPal, and Circle.
Visa’s shares have gained roughly 7% this year. The company’s immediate task is to scale partnerships and pilots to prove onchain credit can plug into its network, and to see whether lenders treat the combined onchain and settlement signals as sufficient to speed underwriting at scale.
