Visa stablecoin settlement volume reaches $25B annualized as card programs top 225

What happened

Visa disclosed $25 billion in annualized stablecoin settlement volume during its fiscal fourth-quarter earnings call on Oct. 27, a tenfold increase from a year earlier. CEO Ryan McInerney presented the figures alongside record annual revenue of about $46 billion, according to reports from Crypto.news and Blockonomi. The company described the $25 billion as an annualized settlement run rate based on its current pace of activity, not the total amount processed during fiscal 2026.

The payment network said its settlement operations now cover 10 blockchains, more than twice the number it supported a year ago, and run in all five of its geographic regions. Visa supports five stablecoins for settlement: USDC, USDG, EURC, PayPal USD and SBC, a dollar-backed token issued by Brale. McInerney said Visa intends to remain flexible about which blockchains and stablecoins clients use, letting financial institutions choose assets that fit their operating requirements.

Visa's stablecoin-linked card business also expanded. The company reported more than 225 card programs, up more than 70% year over year, serving about 5 million cards in more than 50 countries. Transaction volume across those programs grew more than 150% over the same period. Issuers include crypto exchanges, neobanks, digital wallets and remittance companies. Visa also said stablecoin prefunding through Visa Direct has moved from pilot operations into commercial production, with U.S.-based Inyo Global as the first live partner.

Why it matters

Visa's figures show stablecoins moving further into payment and settlement activities that run through existing financial infrastructure. The card programs let eligible customers spend stablecoin balances through Visa's merchant network, with providers converting holdings into the currency needed for purchases depending on the arrangement. Settlement across multiple blockchains and assets gives institutions more options for treasury and cross-border payments. Business payments are a growing part of the card activity: Visa's Oct. 1 research update said commercial and business cards generated about 17% of stablecoin-linked card volume in fiscal 2026 year to date, with supplier payments, corporate spending and treasury management among the applications drawing interest.

What the data shows

Visa's update included several measures of its stablecoin business. Settlement covers 10 blockchains and five stablecoins across all five regions. The stablecoin-linked card business includes more than 225 programs, about 5 million cards and more than 50 countries, with program count up more than 70% and transaction volume up more than 150% year over year. Commercial and business cards accounted for roughly 17% of stablecoin-linked card volume in fiscal 2026 to date. The Visa Stablecoin Platform is available in the United States, Mexico, Puerto Rico, Colombia, Switzerland and the United Kingdom, and Visa reported more than 300 prospective partners in its pipeline. The company also logged more than 60 stablecoin consulting engagements in fiscal 2026, nearly half in the fourth quarter.

Background

Visa's stablecoin settlement rate has climbed quickly. In September, the company reported an annualized settlement rate above $20 billion, compared with approximately $7 billion at an earlier stage of its blockchain expansion. That month, Lloyds Corporate Markets Jersey completed a $750,000 USDC settlement transaction with Visa using exchange infrastructure from Archax; the funds moved within an hour and the transaction demonstrated settlement outside conventional banking hours, including weekends. Visa had also reported 160 stablecoin-linked card programs in September, when it said associated payment volume was growing nearly 200% annually. The latest figures show further growth in both settlement volume and program count.

What to watch

Visa said it plans to add stablecoins beyond the five it currently supports. It intends to integrate Open USD, which launched Sept. 30, into settlement and Visa Direct products through its involvement with the Open Standard consortium. The earnings presentation said Open USD's circulating supply had surpassed $800 million by Oct. 15. Visa's blockchain work also includes validator participation in Tempo and Canton and an invitation to join Circle's Arc founding validator group. How quickly the more than 300 prospective partners move into live services, and how the expanded asset and blockchain support is adopted by financial institutions, are areas to watch.

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