Visa links VisaNet data to onchain lending as stablecoin volume tops $20B
DeFi & Yields ·
The payments network plans to give blockchain-based lenders access to its settlement data so they can extend working capital to fintechs and stablecoin card issuers.
Visa intends to combine data from VisaNet, its payment settlement network, with onchain lending protocols to help finance companies that issue stablecoin-linked cards, according to Coindesk. The plan comes as Visa's stablecoin settlement volume has surpassed a $20 billion annualized run rate, a level Decrypt also tied to the new lending initiative.
The mechanics center on using Visa's transaction and settlement records to help underwrite credit for card programs built on stablecoins. Onchain lenders would draw on that data to size and price working capital loans to issuers, rather than relying solely on traditional financial statements. This pairs Visa's existing payment infrastructure with the transparency-by-default nature of blockchain lending, where transaction and protocol activity is recorded on a public ledger that can be read and verified without a central intermediary, as described in a broader explainer on onchain data.
The growth figures underline why Visa is moving now. Its stablecoin settlement volume has climbed to the $20 billion annualized run rate, up more than 15 times year-over-year, according to The Block. That expansion has been accompanied by payment volume increasing by nearly 200%, pointing to rapid scaling of stablecoin-linked card programs that now need financing to keep up with demand.
Several accounts of the initiative converge on the same core elements: Visa opening settlement data to onchain lenders, the resulting working capital reaching stablecoin card issuers, and the $20 billion run rate as the backdrop for the move. The consistency across these reports suggests the settlement-data integration and the volume surge are being treated as directly connected developments rather than separate announcements.
Not yet detailed is which onchain lending protocols or platforms Visa will work with, how VisaNet data will be formatted or permissioned for outside access, and what underwriting terms card issuers might receive. It also remains unclear whether the $20 billion run rate reflects Visa's full stablecoin settlement activity or a specific subset tied to card programs, leaving open how directly the lending initiative depends on volume from that particular figure.