Visa said on Sept. 8 that more than 160 stablecoin-linked card programs were operating globally during its fiscal second quarter of 2026, while their payment volume increased nearly 200% year over year.

The payments company also reported that its stablecoin settlement volume had surpassed a $20 billion annualized run rate. That represents growth of more than 15 times from the corresponding period one year earlier.

Visa disclosed the figures while announcing expanded work with Credit Coop. The companies are using stablecoin-denominated revolving credit facilities to help card programs finance daily settlement obligations.

The statistics come from Visa and Credit Coop rather than independently audited transaction reports. An annualized run rate also projects recent activity over a full year. It does not mean Visa has already processed $20 billion in stablecoin settlement during 2026.

Visa stablecoin cards reach 160 live programs

Stablecoin-linked cards connect a customer’s crypto wallet or stablecoin account with Visa’s existing merchant network. The digital assets are converted or used to fund the transaction while the merchant receives payment through familiar card infrastructure.

Visa said payment volume across these programs grew nearly 200% year over year. The company did not publish the underlying dollar value, regional breakdown or transaction count in its announcement.

The latest disclosure updates figures Visa presented in June. At the time, it said more than 160 programs were either live or in development and that stablecoin settlement had reached a $7 billion annualized rate as of March.

The latest $20 billion figure suggests the settlement run rate has nearly tripled since March. However, the two figures cover Visa’s stablecoin settlement activity, not necessarily consumer purchases made through stablecoin-linked cards alone.

Card payment volume and settlement volume measure different processes. Payment volume covers purchases initiated by cardholders. Settlement volume covers money transferred between Visa and participating financial institutions or program operators. Visa previously placed its stablecoin settlement run rate near $7 billion while expanding pilots across more regions, blockchains and currencies.

Credit Coop finances the daily settlement gap

Visa’s announcement focused on a working-capital problem facing new stablecoin card programs. Operators must fund settlement obligations before receiving all corresponding payments from cardholders.

Large, established card portfolios can use warehouse credit lines or securitizations. Smaller programs may need only several million dollars, drawn and repaid daily. Legal and administrative costs can make conventional facilities uneconomical at that scale.

Credit Coop’s structure uses a stablecoin-denominated revolving credit facility secured by settlement receivables. Borrowers draw from the facility to meet their daily Visa obligations and repay the credit line as cardholder proceeds arrive.

Incoming receivables pass through Credit Coop’s Spigot smart contract. The contract automatically directs part of the proceeds toward principal and interest before transferring the remaining funds to the borrower’s operating account.

The process resembles a controlled bank lockbox. The difference is that the routing and repayment instructions execute through smart contracts, creating publicly visible transaction records.

Visa said Credit Coop receives authorized programs’ daily settlement files through a secure data connection. Credit decisions, facility sizes and repayment checks can therefore use both Visa records and onchain transaction history.

According to Visa, stronger access to settlement data helped reduce borrowing costs for some participating programs by as much as 30%. The company did not disclose individual interest rates or identify every program that received lower pricing.

Rain provides the first operating case

Rain, a Visa principal member offering stablecoin card infrastructure, has used a Credit Coop revolving facility since August 2023. The facility finances Rain’s daily Visa settlement requirements.

Credit Coop transfers funds to Rain based on the relevant Visa settlement file. Rain then funds its settlement obligation. Cardholder payments subsequently pass through smart contracts that service interest and replenish the facility.

Visa said every settlement obligation covered by the facility had been funded on time. Credit Coop reported more than $2.5 billion in cumulative financing since 2023, covering over 3,000 borrowing events and 9,000 repayment events.

Credit Coop also reported zero defaults across the platform. Those performance figures are company claims and have not been supported by a published independent audit.

Rain accounted for approximately $2 billion of the reported cumulative settlement financing. Visa said the arrangement had processed more than 2,000 borrowing events and 7,000 repayment events for Rain, generating at least $1.58 million in interest.

Rain previously confirmed that it joined Visa’s stablecoin settlement pilot. The company said it settles Visa card obligations in USDC seven days a week, including weekends and holidays.

Visa has also described Rain’s use of USDC-backed receivables financing in its broader work on onchain credit. The structure is intended to reduce the need for issuers to hold idle settlement capital.

U.S. card programs test the financing route

Karta, a U.S.-issued premium Visa card operating under Rain’s bank identification number, also launched using Credit Coop financing while developing its performance record.

Visa said Karta later announced $140 million in financing in June 2026. The package included a $15 million Series A led by Galaxy Ventures and a $125 million institutional credit facility from Community Investment Management.

Visa presented Karta as an example of an early card program moving from a smaller revolving facility to institutional financing. The company said Karta’s daily settlement history contributed to the record available to larger lenders.

Moto and Xplace also use Credit Coop financing under Rain’s issuing infrastructure, according to the announcement. Visa did not disclose their facility sizes, borrowing costs or settlement volumes.

The partnership adds a credit layer to Visa’s wider stablecoin strategy. In March, Visa and Stripe-owned Bridge announced that their card programs were live in 18 countries and planned to reach more than 100 countries by the end of 2026.

Bridge-enabled cards can be used through platforms including Phantom and MetaMask. Visa said customers could spend their balances across more than 175 million merchant locations, while merchants continue receiving conventional payments.

Visa linked cards and stablecoins with its wider programmable commerce strategy, including settlement pilots and payment tools for AI agents.

Visa plans just-in-time settlement funding

Visa and Credit Coop are now working toward just-in-time funding. Under the planned model, a program’s daily settlement file would trigger a stablecoin disbursement matching the exact net amount owed.

The funds would move directly to the relevant Visa settlement address. Programs would avoid drawing a full facility in advance and holding unused capital between settlement cycles.

Visa said this model could shorten borrowing periods from days to hours. Lenders could also align their exposure more closely with actual daily obligations instead of committing the entire credit line continuously.

The model remains dependent on accurate settlement data, reliable smart contracts and sufficient stablecoin liquidity. Operational failures could prevent a program from meeting a settlement deadline even when the credit facility remains adequately funded.

Credit Coop’s zero-default record does not guarantee future performance. Stablecoin depegging, contract vulnerabilities, borrower failures and changing regulations remain potential risks.

Visa has not announced a deadline for launching just-in-time funding across all 160 programs. It also has not disclosed which stablecoins or blockchains future facilities will support.

The next stage will involve extending the model to additional issuers and determining whether their onchain repayment records can support larger institutional facilities. Visa said it expects more programs to follow Karta’s path, but that remains a company forecast.

A crypto-focused political spending wave is targeting Florida’s 24th congressional district primary, with a PAC affiliate of Fairshake investing more than $2 million in ads attacking Democratic frontrunner Oliver Gilbert. The development underscores how digital-asset policy is increasingly intertwined with mainstream political races ahead of key votes in Congress.

According to Federal Election Commission (FEC) records filed as of Tuesday, Protect Progress PAC—an affiliate linked to the political action committee Fairshake and funded primarily by Coinbase and Ripple Labs—has spent more than $2 million on media opposing Gilbert in Florida’s 24th district. The record also highlights that, before the PAC’s ads were released, none of the candidates in the Democratic primary appeared to have taken a prominent public stance on digital assets within their campaigns.

Key takeaways

• FEC filings show Protect Progress PAC spent over $2 million on ads opposing Democratic primary candidate Oliver Gilbert in Florida’s 24th district.
• The PAC is affiliated with Fairshake, which has been funded primarily by Coinbase and Ripple Labs.
• Oliver Gilbert’s campaign has faced accusations that the ads are designed to influence the primary rather than debate digital-asset policy substantively.
• Protect Progress and Fairshake-affiliated groups are also spending across multiple races, including additional Florida contests.
• Congressional legislative momentum for digital-asset bills like the CLARITY Act remains an external pressure point as lawmakers return from recess.

How Protect Progress entered the Florida primary

Protect Progress PAC’s spending in Florida’s 24th district comes as the seat currently held by Representative Frederica Wilson becomes a focal point. Wilson endorsed Oliver Gilbert at a June 22 event, according to reporting referenced by Cointelegraph.

Wilson’s congressional record on digital assets has drawn attention. She voted against the Digital Asset Market Clarity (CLARITY) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act while serving in Congress—positions that align with the broader legislative agenda championed by crypto industry advocates.

In the Democratic primary race, State Senator Shevrin Jones—who had been ahead of Gilbert in an early August poll, as noted by Florida Politics—completed a questionnaire with the advocacy organization Stand With Crypto. That submission earned him a “strongly supports” rating from the group, per information on Stand With Crypto’s politician page.

The Protect Progress ads reportedly framed Gilbert’s candidacy in terms of digital-asset politics, with Gilbert accusing the operation of being driven by wealthy allies of former President Donald Trump. The ads included fake Miami Herald-style headlines that were not tied to specific digital-asset policy positions, according to reporting referenced in the article.

Fairshake affiliates expand spending beyond one race

Protect Progress is only part of a larger network of activity connected to Fairshake and its related political committees. The article notes that Fairshake reported a $193 million war chest as of January, and it has deployed funds through affiliates to support both Democratic and Republican candidates for the 2026 midterm elections.

Cointelegraph reported that, as of June, the PACs had already poured more than $82 million into primaries and special elections to influence voters through advertising. That level of spending indicates that digital-asset political outreach has moved beyond a single targeted campaign, with resources being deployed across multiple competitive contests.

Protect Progress also put additional money into Florida’s 23rd district. The PAC spent more than $150,000 on media supporting the re-election of Lois Frankel, according to the same reporting context. Meanwhile, Defend American Jobs—another Fairshake-affiliated committee—reported a combined $1.5 million on ads backing candidates in Alaska, Florida, and Wyoming.

Those races include support for Representative Nick Begich in Alaska’s at-large district, Republican candidate Sydney Gruters in Florida’s 16th district, and Representative Harriet Hageman for one of the US Senate seats representing Wyoming, as described in the article.

Why these ads matter to crypto investors and policy watchers

Even when campaign spending appears localized, its implications often extend to broader regulatory outcomes. Digital-asset policy in the US has frequently advanced through legislative bargaining, where the credibility of candidates on specific bills can influence committee dynamics and future priorities after elections.

The mention of CLARITY and GENIUS is important because it frames the ads as more than generic political marketing. CLARITY and GENIUS are positioned in the article as central legislative efforts affecting how digital assets could be regulated and how stablecoins might be treated under US law. For investors and developers, the practical question is not just who wins, but who is likely to support or oppose the next wave of digital-asset legislation once Congress moves again.

FEC filings also suggest an asymmetry that political observers may find meaningful: if none of the Democratic primary candidates had clearly established a strong digital-asset platform before the ads, the PAC’s messaging can effectively determine the issue salience for voters. That creates a strategic incentive for industry-aligned groups to influence primary outcomes early—particularly when general election dynamics are harder to predict.

What to watch next as lawmakers return

The immediate next milestone highlighted in the article is the legislative calendar. Both the US House and Senate are on recess until September, when the Senate is expected to hold a vote on the CLARITY Act. As that timeline approaches, the interaction between political spending and digital-asset voting becomes even more consequential.

Readers should watch how these Florida primary outcomes affect candidate momentum heading into November and whether further PAC spending narrows the policy debate to specific digital-asset bills—especially as Congress prepares to advance CLARITY and related measures.

The US Securities and Exchange Commission (SEC) has proposed new rules that could affect the cryptocurrency industry after lawmakers in Congress failed to pass a market structure bill before breaking for a month-long recess.

In a Tuesday notice, the SEC said that the agency proposed rules to create a “clear and fit-for-purpose framework for certain investment contracts involving crypto assets.” According to the regulator, the “tailored securities offering regime” would allow entities to raise capital while preserving investor protections.

The agency’s rules did not include an “innovation exemption” for crypto-based stocks, which had also been expected to be announced. Notably, the proposed rules came just days after the US Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act, a bill expected to clarify the roles federal agencies would have in overseeing and regulating crypto. 

“[L]egislation remains indispensable to enacting ‘future-proofed’ rules of the road that are durable enough to protect the work we are undertaking today from being unwound by a future rogue regulator,” said SEC Chair Paul Atkins. “The SEC has and will continue to support Congress in delivering the CLARITY Act to President Trump’s desk.”

According to the proposed rules, crypto companies would be offered exemptions allowing the issuance of up to $5 million in tokens during a four-year period and up to $75 million during a 12-month period, as well as a safe harbor exempting cryptocurrencies from being treated as ”investment contracts.” Token issuers would be required to make financial statements and “would be subject to ongoing reporting requirements.“

The public will have 60 days to comment on the proposal after publication in the Federal Register.

Related: CLARITY or not, crypto isn’t going back in the bottle: Bitwise

The SEC’s proposed rules in the absence of legislation from Congress came ahead of a scheduled Thursday meeting of the US Commodity Futures Trading Commission (CFTC) on crypto, AI and prediction markets. The commodities regulator said it planned to address “areas where regulatory action can complement future congressional legislation.”

Atkins had been scheduled to speak at the Wyoming Blockchain Symposium on Tuesday, but canceled amid the SEC announcement. White House crypto adviser Patrick Witt said at the event that US regulators would “let loose” on crypto regulation if Congress was unable to move forward on the CLARITY Act.

CLARITY’s chances before a new Congress is sworn in?

Before the Senate broke for its August state work periods, Majority Leader John Thune filed cloture on a motion to take up the CLARITY crypto bill when lawmakers return in mid-September.

Following the August recess, senators only have 14 days in session before breaking again ahead of the November election. If Thune and Republican lawmakers can’t get a floor vote before then, the Senate has another 22 days in session before 2027, when new members of Congress will be sworn in.

Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?