Visa Taps VisaNet Data for Stablecoin Card Working Capital

Visa is opening its VisaNet settlement data to onchain lenders, giving stablecoin-linked card programs a new route to working capital by pairing authorized payment records with blockchain-based credit facilities. The move turns settlement receivables into collateral that programmable lending infrastructure can underwrite and repay automatically, extending Visa's stablecoin push from payments into financing. The announcement combines two things Visa has kept separate until now: the settlement data that flows through its network and the onchain lending rails that fintechs increasingly use to fund operations. With customer authorization, the credit protocol Credit Coop blends Visa settlement data with onchain transaction records to assess credit performance and automate settlement financing, according to Visa. For related coverage, see SBI Buys 20% Stake in Ajaib for $270M to Expand Yen Stablecoin. It arrives as Visa continues to lean into stablecoins across geographies, from a partnership with Dunamu that expands stablecoin payments in South Korea to a pilot with Shinhan that tests stablecoin issuance and B2B settlements. Financing card programs is the connective tissue between those experiments and everyday commerce. How Visa connects VisaNet data with onchain lending The mechanism has two distinct components. VisaNet supplies the settlement data, the record of what card programs are owed and when, while onchain infrastructure supplies the capital and the repayment logic. Visa is not publishing settlement data to a public blockchain; instead the data is shared under authorization to inform lending decisions made onchain. For related coverage, see Casper and Payouts.com Tackle the Agent Payment Problem Visa Calls Hardest to Solve. On the data side, Credit Coop operates as an authorized registered Third Party that receives daily Visa settlement files through a secure pipeline, which Visa says inform facility sizing, disbursements and repayment verification alongside onchain history, per Visa's technical explanation. That authorized daily feed is what lets a lender price risk against live performance rather than stale statements. On the lending side, Visa describes the Credit Coop facility as stablecoin-denominated revolving credit secured by settlement receivables, with a smart contract called Spigot that routes repayment from incoming proceeds before the borrower receives operating funds. Visa likens the arrangement to a lender lockbox under a deposit account control agreement, a structure that lets small facilities become economical because repayment is enforced at the flow of funds. By combining Visa settlement data with onchain infrastructure, we can evaluate live performance, enforce repayment from the settlement flow and extend capital onchain from participating lenders as a program grows. — Chris Walker, Founder and CEO, Credit Coop, in Visa's announcement What the combination targets: stablecoin card working capital The purpose is working capital for card issuers, not consumer credit.