# Visa Stablecoin Card Volume Climbs Nearly 200% as Fee Shares Stay Unclear

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/34115
Published: 2026-10-17T17:06:24.000Z
Updated: 2026-10-17T17:06:24.000Z
Section: Business

> Business and commercial cards represented about 17% of Visa’s stablecoin-linked volume through March 31, while Rain’s revolving facility financed about $2 billion in settlement volume.

Visa’s network had more than 160 stablecoin-linked card programs in fiscal second-quarter 2026, while payment volume ran nearly 200% above a year earlier, leaving operators’ fee shares unknown.

A stablecoin-linked card lets a customer spend from a stablecoin balance through a familiar card payment. In a Visa and Bridge example, Bridge takes funds from the customer’s balance and converts them to local currency for the merchant. The merchant receives regular currency and does not need to accept stablecoins directly.

The purchase still moves through the card system. The acquiring side transfers interchange to the issuer; merchants separately pay their acquirers for acceptance and processing, and networks charge their own fees. Contracts between a card program, its issuer and other providers determine how much the program receives.

Bridge offers card programs 100% of interchange and the option to charge customers transaction fees. Programs using certain custom stablecoins may also receive reserve rewards. Operating costs can include fraud controls, disputes and customer support, so the interchange offer alone does not show what a program keeps after expenses.

The program count and payment-volume growth quantify card activity, not the amount each company earns per purchase. Business and commercial cards made up about 17% of stablecoin-linked card volume in fiscal 2026 through March 31. The figures do not provide a typical fee split or the net amount operators retain after provider charges, operating expenses and financing costs.

Financing can also factor into a program’s costs. Rain has used a revolving facility from Credit Coop to meet daily Visa settlement obligations since August 2023. By Aug. 19, 2026, the facility had financed about $2 billion in settlement volume, with at least $1.58 million in interest paid.

The available figures quantify card activity and settlement financing, but do not establish how the fees from a typical swipe are divided or what each company retains.