TLDR
Visa’s annualized stablecoin settlement volume passed $25 billion, about ten times higher than a year ago.
Visa now supports five stablecoins across 10 blockchains in all five of its geographic regions.
Stablecoin-linked card programs rose more than 70% to over 225, serving about 5 million cards.
Visa Direct moved USDC prefunding into commercial production, with Inyo Global as its first live partner.
The Visa Stablecoin Platform is live in six markets, with more than 300 prospective partners in the pipeline.
Visa has passed $25 billion in annualized stablecoin settlement volume. That is about ten times higher than a year ago.
CEO Ryan McInerney shared the figures during the company’s fiscal fourth-quarter earnings call on October 27. The company also reported record annual revenue of about $46 billion.
The $25 billion figure is a run rate based on Visa’s current pace of activity. It is not the total amount processed during fiscal 2026.
Visa Stablecoin Settlement Expands to 10 Blockchains
Visa’s settlement operations now cover 10 blockchains. That is more than twice the number supported a year ago, and operations now run in all five of its geographic regions.
The company supports five stablecoins for settlement: USDC, USDG, EURC, PayPal USD and SBC, a dollar-backed token issued by Brale. McInerney said Visa plans to stay flexible so clients can choose the assets that fit their needs.
The growth has been fast. In September, Visa reported an annualized settlement rate above $20 billion, up from about $7 billion at an earlier stage.
Also in September, Lloyds Corporate Markets Jersey completed a $750,000 USDC settlement with Visa. It used exchange infrastructure from Archax and moved the funds within an hour, including outside normal banking hours.
It’s an exciting time for Visa’s stablecoin business. Visa CEO Ryan McInerney shared some updates on our strategy and traction on yesterday’s earnings call. pic.twitter.com/vWVYjKH8yx
— Cuy Sheffield (@cuysheffield) October 28, 2026
Stablecoin-Linked Cards Pass 225 Programs
Visa’s stablecoin-linked card programs rose more than 70% year over year to over 225. These programs serve about 5 million cards in more than 50 countries.
Transaction volume on these cards grew more than 150% over the same period. Issuers include crypto exchanges, neobanks, digital wallets and remittance firms.
The cards let users spend stablecoin balances at merchants on Visa’s network. The card provider converts the stablecoins into the currency needed for each purchase.
Business use is growing. In an October 1 research update, Visa said commercial and business cards made up about 17% of stablecoin-linked card volume in fiscal 2026 so far.
Visa’s earnings update also confirmed that stablecoin prefunding through Visa Direct has moved from pilot to commercial production. U.S.-based payments firm Inyo Global is the first live partner.
The service lets businesses fund international payments using USDC, even outside bank hours. Visa plans to add more stablecoins, including Open USD, which launched on September 30.
Open USD’s circulating supply passed $800 million by October 15, according to the earnings presentation. Visa plans to add the token to its settlement and Visa Direct products through the Open Standard consortium.
The Visa Stablecoin Platform is now live in the United States, Mexico, Puerto Rico, Colombia, Switzerland and the United Kingdom. McInerney said more than 300 prospective partners are in the pipeline.
Visa also serves as a validator on Tempo and Canton and was invited to join Circle’s Arc founding validator group. The company logged more than 60 stablecoin consulting engagements in fiscal 2026, with nearly half coming in the fourth quarter.
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