Overview

• In a new report, Visa positions itself as the infrastructure provider for onchain credit, saying it will offer APIs, analytics, settlement and compliance tools rather than issue tokens or fund loans.
• Visa reports more than $670 billion in stablecoin loans since 2020, with about $51.7 billion in monthly activity, roughly 1.1 million unique borrowers, 427,000 loans issued in August, $14.8 billion outstanding and $17.5 billion in liquidity.
• The study highlights functioning examples of stablecoin-based credit, naming Morpho, Credit Coop and Huma Finance, with Huma cited for short-duration, receivables-backed cross‑border working capital.
• Stablecoin activity remains highly concentrated, with USDT and USDC accounting for 98% of borrowing and a combined $257 billion of a roughly $307 billion market cap cited in the report.
• Coverage links this year’s roughly $100 billion market‑cap increase to the GENIUS Act’s U.S. framework, while policy risk lingers as the IMF warns of leverage and maturity mismatches and Paxos explains a mistaken $300 trillion PYUSD mint‑and‑burn with no customer losses reported.