Crypto: Visa Moves to Large-Scale Stablecoin Payments

Visa is moving stablecoins from the lab to commercial operations. The payment giant has just launched the stablecoin capabilities of Visa Direct in partnership with Inyo Global. Eligible businesses will be able to use USDC to pre-fund their cross-border payments 24/7. This change comes as Visa's stablecoin settlements now exceed an annualized rate of $20 billion.

In Brief

• Visa Direct officially moves from pilot to commercial deployment.
• Inyo Global becomes the first player to offer pre-funding in USDC.
• Visa's stablecoin settlements exceed $20 billion in annualized volume.

Visa Puts Stablecoins at the Heart of Visa Direct

The change was officially announced on October 15. Inyo Global becomes the first processor to launch Visa Direct's stablecoin pre-funding into production. The company already provides payment infrastructure to fintechs, banks, and money transfer companies across a network covering over 180 countries.

Eligible clients can now use crypto (USDC) to fund their Visa Direct operations. This principle addresses a very concrete problem. To ensure international payments, businesses often need to lock up funds in advance across different bank accounts. Opening hours and weekends can also delay their ability to fund these accounts.

With USDC, funding can operate 24/7. Visa began testing this stablecoin payment model in the U.S. as early as 2025. The program was set to be expanded in 2026.

That milestone has now been reached. The end recipient is not necessarily paid in crypto. Visa Direct still allows for the conversion of funds and disbursement in local currency. The stablecoin primarily plays a role in the infrastructure behind the payment.

From $7 to $20 Billion in a Few Months

Visa is not starting from scratch. In April, its stablecoin settlement program reached approximately $7 billion in annualized volume. The group had then added five additional blockchains to its infrastructure.

A few months later, the figure exceeds $20 billion. Visa speaks of a more than fifteenfold increase over the year. The group also has over 160 card programs linked to stablecoins. Payment volumes made with these programs have increased by nearly 200% year-on-year in the second fiscal quarter.

The trend thus goes beyond mere experimentation with Inyo. In July, Visa was already testing stablecoins with M-Pesa and Onafriq in the DRC. The goal was also to simplify the settlement of cross-border payments without necessarily altering the end-user experience.

At the beginning of October, Visa also indicated that nearly 17% of the volume of its stablecoin-linked cards now comes from programs aimed at businesses. Stablecoins are gradually moving out of the crypto market alone. They are becoming a treasury tool.

Visa Does Not Replace Banks with USDC

The commercial deployment does not mean that Visa is abandoning traditional rails. Its model remains hybrid. Stablecoins are used where they can reduce delays or avoid locking up too much liquidity. The Visa Direct network continues to connect cards, bank accounts, wallets, and local currencies.

This has been the line defended by Visa for several months: the stablecoin does not necessarily have to replace traditional currency. It can become an additional layer for moving money between different infrastructures.

The evolution is particularly visible in card payments. USDC and USDT already account for 84% of spending made with certain crypto cards. Visa now has another area: the financing of international payments themselves. Inyo Global opens the first commercial door. Other processors may follow. The pilot is over for this part of the system. Stablecoins are entering production.