Visa's Stablecoin Card Volume Jumps 200% as It Expands Data Services for Lenders

V said settlement volume on its stablecoin-linked cards is now running at an annualized $20 billion, roughly a 200% increase from the $3.5 billion annualized run rate it reported in November 2025. The run-rate framing matters: these are annualized figures as of the most recent reporting period, not cumulative totals since the programs launched, and treating them as cumulative would badly overstate the installed base.

The card network now spans about 160 distinct stablecoin card programs, a meaningful widening of geographic and partner reach within the crypto payments stack. Program count is the more durable adoption signal here, because a run rate can be moved by a small number of high-frequency users while program count reflects partners actually building on the rails.

Alongside the volume disclosure, Visa told CNBC it is extending its data offering for blockchain lenders, supplying richer transaction and risk-management analytics to firms underwriting against on-chain activity. That is the more strategically interesting move: it positions Visa as an infrastructure and data provider to the sector rather than only a payment rail, which is a higher-margin place to sit.

For a company whose core business is measured in trillions of annual payments volume, $20 billion annualized is not yet financially material. What it does establish is optionality. What to watch: whether the run rate compounds through the next few quarters rather than plateauing, how concentrated the volume is across those 160 programs, and whether stablecoin regulation in the US and EU settles in a way that lets bank partners scale these programs.