Stablecoin-linked cards still need funding behind the scenes. On 8 September, Visa announced an approach that combines VisaNet settlement data with onchain lending infrastructure to help card programmes access working capital. It says more than 160 stablecoin-linked card programmes operate on its network. [1]

Visa identifies Credit Coop as an early example. With customer authorisation, the model combines settlement information and onchain records to assess financing and automate parts of funding and repayment. Visa reports more than $2.5 billion in cumulative financed settlement volume since 2023. That is a company-reported activity measure, rather than the amount of loans outstanding today.

The interesting shift is the use of payment performance to support credit decisions. For a lender evaluating this approach, questions should include who controls collateral, how repayment is enforced and what happens when settlement flows slow. A transparent transaction record can help analysis, but it does not remove borrower or technology risk. Fintech teams should assess the financing terms alongside the payment product, especially where rapid growth creates a gap between customer spending and available liquidity.