Visa stablecoin settlement surpassed a $25 billion annualized run rate, about 10 times its level a year earlier, CEO Ryan McInerney said on the company’s fiscal fourth-quarter earnings call on October 27, 2026.

Key Takeaways

  • The run rate reflects a recent pace of activity, not the amount settled over the fiscal year.
  • Visa now supports stablecoin settlement across 10 blockchain networks and all five of its geographical regions.
  • More than 225 stablecoin-linked card programs operate on Visa’s network, a separate measure from settlement volume.

Visa stablecoin settlement expands

The latest run rate follows approximately $2.5 billion in October 2025, $7 billion in April 2026 and more than $20 billion by September. An annualized run rate extrapolates a recent pace of activity; it is not a tally of transactions completed over a full year.

In its April expansion of the settlement pilot, Visa added five blockchains, bringing the total supported at the time to nine. McInerney said the current count of 10 is more than double the number supported a year earlier.

Visa supports five stablecoins for settlement: USDC, USDG, EURC, PYUSD and SBC. Participating financial institutions can use the tokens to settle obligations outside traditional banking hours, including weekends and holidays.

Card programs and cross-border payments

Visa said its stablecoin-linked card programs increased by more than 70% year over year to over 225. Payment volume associated with the programs grew more than 150%, spanning approximately five million cards in more than 50 countries.

Card spending and stablecoin settlement measure different activity and should not be combined. The card programs connect stablecoin balances with conventional merchant payments, while settlement concerns obligations between participating institutions.

Visa also said its Visa Direct stablecoin prefunding service moved from pilot testing to commercial production, with US payments infrastructure provider Inyo Global as its first live partner. The service uses stablecoins to support funding for cross-border money movement.

Scale relative to traditional settlement

Stablecoin settlement remains small compared with Visa’s established operations. On its April earnings call, Visa said it had settled almost $13 trillion between financial institution partners during the preceding year, overwhelmingly in fiat currencies. That completed annual volume is not directly comparable to the newer annualized stablecoin run rate.

Visa said its stablecoin advisory business completed more than 60 client engagements in fiscal 2026, nearly half of them in the fourth quarter.

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