How Much Stablecoin Volume Does Visa Settle?

Visa's Stablecoin Settlement Volume Has Grown 15x in a Year

Visa's stablecoin settlement volume passed $20 billion in annualized run rate in September 2026, up 15x year-over-year. The network now supports more than 160 stablecoin-linked card programs, with spending volume on those cards up nearly 200% — evidence that stablecoins are moving from crypto-native experiments into mainstream card infrastructure.

“Visa says its stablecoin settlement has passed 20 billion dollars at annualized run rate, and no Kai to tell you that from the horse's mouth, but I will instead.”

— Petrit Berisha, MD and Co-Creator of Tokenized

The numbers surfaced on Tokenized's 100th episode alongside a wave of stablecoin-card news the same week: MoneyGram launching a stablecoin-linked card, Latitude raising a $35 million Series A for last-mile payouts, and Modern Treasury rolling out non-custodial stablecoin wallets. Taken together, they mark the point where stablecoin-linked cards stopped being a niche product and became one of the fastest-growing lines in payments.

MoneyGram's Stablecoin Card Is the Clearest Case Study

MoneyGram launched a stablecoin-linked Visa card built with Rain, Crossmint, and Stellar, live first in Colombia. Customers hold a stable dollar balance in the MoneyGram app, spend it anywhere Visa is accepted, add it to mobile wallets, or pick up cash at a MoneyGram location — one of nearly 500,000 retail sites across 200-plus countries. A physical card for ATM withdrawals is due in late 2026.

“there were just so many cash-dominated markets, and so that physical kind of footprint that MoneyGrams is real is real powerful.”

— Cyril Mathew, Co-Founder & CEO of Latitude

Rain supplies the card infrastructure, Crossmint the wallets, and Stellar the settlement network. Rain has separately opened global payouts to more than 80 countries and 50 currencies, with a target of 95 countries and 60 currencies by the end of the year.

Why the Last-Mile Problem Still Slows Stablecoin Cards Down

Getting a stablecoin from a wallet into a currency someone can actually spend is the part of the flow that MoneyGram, Latitude, and Modern Treasury are all racing to fix. Latitude, founded by Cyril Mathew after he ran early USDC growth at Coinbase and helped launch Stripe's first crypto product, raised a $35 million Series A led by Oak HC/FT, with NEA, Coinbase, Lightspeed Faction, and OpenFX participating — bringing its total funding to $43 million after an $8 million seed round in March 2026.

“You've got to solve getting in and out of local currencies in efficient, compliant ways.”

— Cyril Mathew, Co-Founder & CEO of Latitude

Mathew built Latitude to solve what he saw fail at Stripe: users who received stablecoin payouts in dozens of countries had no idea what to do with the funds once they landed, with no wallet, no exchange, and no obvious way to off-ramp.

Banks and Payment Platforms Are Moving Fast to Catch Up

Modern Treasury rolled out non-custodial stablecoin wallets paired with global USD accounts and fiat money movement in a single API, in early access across the U.S. and more than 90 countries. The feature complements a custodial stablecoin offering the company has run since February 2026, and pairs with partners like Morse (formerly Sling Money) in the U.S. and Depa in Europe.

“I have to imagine that every company that is somewhat similar to MoneyGram is seeing this, seeing the Western Union news, and thinking, you know, what what are we going to do that that's somewhat similar?”

— Matt Marcus, Co-Founder & CEO of Modern Treasury

Modern Treasury CEO Matt Marcus expects the MoneyGram launch to trigger a wave of similar moves from other payment platforms watching the same numbers.

Dollar-Denominated Stablecoins Still Dominate the Cards Being Issued

Nearly every stablecoin-linked card launched this year — MoneyGram's included — settles in a dollar-backed stablecoin. Modern Treasury supports USDG, USDT, and USDC across multiple chains but doesn't push customers toward any one of them; Latitude picks whichever stablecoin has the deepest liquidity in a given payout corridor, with Tether still the most liquid option in many international markets even as USDC's liquidity grows.

“when you have regulatory clarity, you can have the capital unlock, and then you can have that scalability.”

— Elise Soucie, Policy and Regulatory Specialist

The regulatory backdrop has moved in step with the volume. Guest co-host Elise Soucie, a former regulator, ties the funding rounds and card launches directly to the market's post-GENIUS Act clarity.

What the $20 Billion Number Means for Payment Businesses

For any business still watching stablecoins from the sidelines, the run-rate math is hard to ignore: $20 billion annualized settlement on one network's stablecoin-linked cards, growing 15x in a year, with volume on individual programs up nearly 200%. That's a scale card issuers, remittance companies, and bank treasury teams can no longer treat as experimental.

The bottleneck has shifted from whether to issue a stablecoin card to whether a business can get funds converted, delivered, and spent in a currency the recipient can actually use — the last-mile problem that Latitude, Modern Treasury, and MoneyGram's card partners are now competing to solve.

• Visa's stablecoin settlement hit $20 billion annualized. Up 15x year-over-year as of September 2026, with more than 160 stablecoin-linked card programs live and volume on them up nearly 200% (Episode 100).
• MoneyGram went live with a stablecoin card in Colombia. Built with Rain, Crossmint, and Stellar, drawing on MoneyGram's 60 million active customers and nearly 500,000 retail locations, with a physical ATM card due in late 2026 (Episode 100).
• Latitude raised a $35 million Series A. Led by Oak HC/FT with NEA, Coinbase, Lightspeed Faction, and OpenFX, taking total funding to $43 million to build last-mile stablecoin-to-fiat payout rails in 50-plus countries (Episode 100).
• Modern Treasury launched non-custodial stablecoin wallets. Paired with global USD accounts and fiat payment rails in early access across the U.S. and 90-plus countries, alongside its existing custodial offering live since February 2026 (Episode 100).
• Rain's payout network is scaling fast. Live in 80-plus countries and 50 currencies, targeting 95 countries and 60 currencies by the end of 2026 (Episode 100).