Visa announced it will make more data available to companies lending on the blockchain as stablecoin-linked cards are met with strong demand.
Visa currently operates more than 160 stablecoin-linked card programs for issuers and program managers, a nearly 200% increase year over year as more crypto businesses launch cards for customers.
To meet the demand surge and need for capital, the company is establishing partnerships to allow new issuers access to financing programs through smart contracts and onchain credit.
Credit Coop said it has processed $2.7 billion in total volume on its platform through smart contracts and no borrower has ever defaulted.
Over the past six years, nearly $700 billion in stablecoin-denominated loans have been sent through onchain lending protocols, according to Visa. The company said much of that activity remains concentrated within crypto markets, but this new offering can help lenders better understand how a business is operating, which could simplify the process of evaluating financing opportunities.
Last year’s passage of the GENIUS Act established U.S. stablecoin regulation and turbocharged adoption of the technology.
Visa in July launched its stablecoin platform, which allows for settlements, expands stablecoin-linked card programs and aims to help financial institutions access new digital asset capabilities.