Visa's $2.5 Billion On-Chain Business: Advance Funds to Card Issuers, Collect Payments via Smart Contracts
- Visa launched an on-chain lending program called Credit Coop in September to address the settlement timing gap where card issuers must pay Visa daily before customer funds arrive.
- Credit Coop uses stablecoin revolving credit lines with smart contracts that automatically handle fund flows and repayments, while Visa's authorized settlement files determine borrowing amounts and terms.
- Visa reported that stablecoin-linked credit card programs exceeded 160 in Q2 FY2026, with payment volume surging nearly 200% year-over-year and annualized settlement volume surpassing $20 billion.
- Credit Coop has cumulatively financed over $2.5 billion in settlement volume since 2023 with zero defaults reported, though this figure represents revolving credit turnover rather than outstanding principal.
- Payment company Rain accounts for most disclosed activity, having cumulatively paid approximately $2 billion in settlement amounts through over 2,000 borrowings since August 2023.
Visa announced in September the launch of Credit Coop, an on-chain lending protocol designed to address a recurring funding gap in credit card settlement. Card issuers must pay Visa on a daily settlement basis before customer repayments arrive, creating a timing mismatch. Credit Coop provides stablecoin revolving credit lines where institutions can advance settlement funds first, with cardholders' subsequent repayments automatically flowing back through smart contracts to repay the loan, effectively bringing accounts receivable financing onto the blockchain.
The program operates as a hybrid system where smart contract execution is transparent on-chain, but decisive business data and risk terms remain controlled by authorized parties and are not publicly disclosed. Visa's authorized settlement files serve as the core basis for determining borrowing capacity. According to Visa, stablecoin-linked credit card programs have grown significantly, with over 160 programs reported in Q2 FY2026, payment volume surging nearly 200% year-over-year, and annualized settlement volume exceeding $20 billion—more than 15 times the prior year level.
Visa reports that Credit Coop has cumulatively financed over $2.5 billion in settlement volume since 2023 with zero defaults, and claims that increased lender participation has reduced borrowing costs for participating programs by up to 30%. However, the cumulative settlement volume figure represents revolving credit turnover rather than outstanding principal or daily risk exposure. Payment company Rain accounts for most disclosed activity, having used the credit line since August 2023 and cumulatively paid approximately $2 billion in settlement amounts through over 2,000 borrowings and 7,000 repayments. Critical details including initial credit limits, current exposure levels, lender concentration, and performance through loss cycles remain undisclosed, limiting assessment of credit risk profiles.
Visa的25亿美元链上业务：向卡发行机构预付资金，通过智能合约收款
Visa于9月推出链上借贷协议Credit Coop，旨在解决信用卡结算中的资金缺口问题。卡发行机构必须在客户还款到账前按日向Visa支付结算款项，造成时间错配。Credit Coop提供稳定币循环信用额度，机构可先预付结算资金，随后持卡人的还款通过智能合约自动流回偿还贷款，实质上将应收账款融资引入区块链。
该项目采用混合模式运作，智能合约执行在链上透明，但决定性的业务数据和风险条款仍由授权方控制且不公开披露。Visa的授权结算文件作为确定借款能力的核心依据。据Visa报告，稳定币关联信用卡项目增长显著，2026财年第二季度超过160个项目，支付交易量同比激增近200%，年化结算交易量超过200亿美元——较上年增长15倍以上。
Visa报告称Credit Coop自2023年以来累计融资超过25亿美元结算交易量，零违约记录，并声称贷款方参与增加使参与项目的借款成本降低高达30%。然而，累计结算交易量数字代表循环信用周转而非未偿本金或日常风险敞口。支付公司Rain占披露活动的大部分，自2023年8月起使用该信用额度，累计通过2000多次借款和7000次还款支付约20亿美元结算款项。初始信用额度、当前敞口水平、贷款方集中度和经历损失周期的表现等关键细节仍未披露，限制了对信用风险状况的评估。