Stablecoins Gain Ground in Business Payments, Visa Data Shows

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• Business programs are becoming a measurable part of Visa’s stablecoin-linked card activity.
• Cross-border transactions account for a significant share of broader stablecoin B2B payments.
• Stablecoins can serve as settlement infrastructure without customers paying merchants directly in crypto.
• Visa is expanding institutional infrastructure alongside its stablecoin-linked card programs.

Visa is seeing stablecoins move further into corporate payments, with business and commercial programs accounting for about 17% of its stablecoin-linked card volume in fiscal 2026 year to date. The data, released Oct. 1, provides a clearer measure of how dollar-linked tokens are being used beyond crypto trading as payment companies test them for settlement, treasury operations and cross-border transactions.

Business Payments Are Becoming a Distinct Stablecoin Use Case

Visa now supports more than 160 stablecoin-linked card programs globally across consumer, business and commercial categories. Payment volume across those programs has increased nearly 200% year over year, according to company data.

The scale remains small relative to Visa’s overall payments network, so the figures should not be read as evidence that stablecoins are displacing conventional business payment systems. They do show that commercial activity is becoming identifiable within a segment initially built largely around connecting crypto balances with traditional card payments.

That distinction matters. Stablecoin adoption by businesses does not require companies to abandon bank accounts or ask customers to pay invoices using digital tokens. The technology can operate deeper in the payment process, particularly when institutions need to move funds between counterparties or settle obligations outside normal banking hours.

Why Settlement May Matter More Than Paying With Crypto

A recent transaction between Visa and Lloyds Banking Group illustrates that model.

During a seven-day pilot disclosed Sept. 30, Lloyds used stablecoins to settle $750,000 in payment obligations with Visa. Funds reached Visa in less than an hour, including transfers conducted over a weekend.

The practical advantage was not that a consumer bought something with crypto. Stablecoins instead replaced part of the institutional settlement process behind payments.

Traditional bank transfers can depend on operating hours, correspondent banks and the payment systems available in each jurisdiction. Blockchain settlement can operate continuously, allowing institutions to move tokenized funds when some conventional rails are unavailable.

The trade-off is that faster settlement introduces a different set of operational dependencies. Institutions still need compliant access to stablecoins, custody arrangements, reliable blockchain infrastructure and a mechanism for converting tokens back into bank money when required.

Visa is therefore testing stablecoins as an additional settlement rail rather than a wholesale replacement for its existing network.

Visa’s Stablecoin Numbers Measure Different Parts of the Market

Several figures surrounding Visa’s stablecoin expansion describe different activities and should not be treated as interchangeable.

The distinction is important because card spending, institutional settlement and total stablecoin payment activity occur at different layers of the payments system.

Visa’s card data captures transactions associated with its stablecoin-linked programs. Its settlement activity measures stablecoins moving between financial counterparties within Visa’s infrastructure. Estimates from blockchain analytics firm Allium attempt to identify payment activity across the broader stablecoin market.

Combining those figures into a single measure of adoption would exaggerate what the data actually shows.

Cross-Border Payments Give Businesses a Clearer Use Case

The international component becomes more visible in Allium’s industry data.

The research estimates annual stablecoin payment volume at between $401 billion and $527 billion. Within the business segment, service fees represented roughly $56 billion, payroll $43 billion and supplier payments $28 billion.

More significantly for payment infrastructure, 43% of attributable B2B stablecoin volume was cross-border, the largest international share among the payment categories analyzed.

Cross-border transactions expose some of the limitations stablecoin infrastructure is designed to address. Businesses operating across jurisdictions may need to manage different banking hours, currencies and intermediary relationships before funds reach a counterparty.

Stablecoins can shorten part of that chain by transferring a common digital asset directly between supported wallets. The receiving business still needs appropriate banking, custody and redemption infrastructure if it ultimately wants local fiat currency, meaning the blockchain transfer solves only part of the payment process.

That helps explain why companies such as Visa are building stablecoin capabilities alongside existing payment rails rather than attempting to replace them.

Faster Transfers Come With Different Risks

Continuous settlement removes some timing constraints, but it does not remove financial or operational risk.

A company holding stablecoins temporarily becomes exposed to the issuer and the mechanisms supporting redemption at par. Businesses also need to consider custody, wallet controls, blockchain outages, transaction finality and the regulatory treatment of the asset in the jurisdictions where they operate.

Compliance remains another boundary. A blockchain can transfer funds globally and continuously, but regulated institutions still need sanctions screening, anti-money laundering controls and processes for identifying counterparties.

For corporate treasury teams, the relevant comparison is therefore broader than transaction speed. The question is whether faster and more flexible settlement compensates for the additional infrastructure required to hold, transfer and redeem tokenized money safely.

From Settlement Pilots to Everyday Business Payments

Visa is expanding the infrastructure needed to test that proposition at a larger scale.

Its Visa Stablecoin Platform, introduced in July, provides banks, fintech companies and payment providers with tools for storing, minting, burning and redeeming supported stablecoins, alongside wallet infrastructure. Visa has also expanded stablecoin settlement across additional blockchain networks.

Those products could make institutional adoption more important than direct crypto payments at checkout. Businesses may interact with conventional cards and bank accounts while stablecoins handle part of the movement of funds behind the transaction.

The next useful indicators will therefore come from transaction composition rather than the number of supported tokens alone. Growth in business settlement volume, the share of cross-border transactions and movement from limited pilots into recurring corporate payment flows would provide clearer evidence of whether stablecoins are becoming a routine part of business payment infrastructure.