Visa Says Stablecoin-Linked Card Payment Volume Jumped 200% in a Year
Summary
- Visa said payment volume tied to its stablecoin-linked card business rose about 200% from a year earlier.
- It said annualized payment volume surpassed $20 billion, increasing more than 15-fold from a year earlier and making it one of the company's fastest-growing segments.
- Visa worked with Credit Coop to provide daily settlement funding for early stablecoin card projects, while borrowing costs for some projects fell by more than 30%.
Forecast Trend Report by Period
Visa's stablecoin-linked card business is growing rapidly. Payment volume tied to the segment rose about 200% from a year earlier, and annualized payment volume has been estimated at more than $20 billion.
Crypto-focused media outlet Odaily reported on Sept. 8 that Visa said more than 160 stablecoin-linked card projects were operating worldwide as of the second quarter. Payment volume tied to those projects increased about 200% from a year earlier.
Annualized payment volume surpassed $20 billion, more than 15 times the level a year earlier. Visa views the stablecoin-linked card business as one of the fastest-growing segments on its network.
Separately, Visa has introduced a revolving credit product with Credit Coop to provide daily settlement funding for early-stage stablecoin card projects. Borrowing costs for some participating projects have fallen by more than 30%, the report said.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.