Visa Grows Stablecoin Card Network

Visa is broadening its range of stablecoin-backed cards as global interest in cryptocurrencies surges. The card issuer disclosed that it now manages over 160 stablecoin-linked card initiatives, a nearly 200% increase compared to the previous year. Visa attributed this growth to the increasing number of businesses issuing cards for their clients.

MEXC launched its Earn Plus program with a limited-time event offering up to an 800% APR booster. Kalshi expanded internationally in partnership with Alpaca Brokerage. Bitmine accelerated Ethereum purchases to close out August. Visa's strategy involves establishing partnerships to allow new issuers access to smart contracts and onchain credit.

In July, Visa introduced a stablecoin platform for facilitating settlements, expanding card programs, and enabling financial institutions to access digital assets. Over the past six years, $700 billion in stablecoin-denominated loans have been processed through onchain lending protocols, according to Visa. The company plans to provide more data to companies lending on the blockchain as stablecoin-linked cards gain popularity.

Specifically, Visa will offer lenders and card issuers greater insight into the financial performance of digital assets. Visa's stock has climbed 8% over the past year, trading at $370.16 U.S. per share.