Visa has added Monad to its stablecoin settlement program, which now processes payments at an annualized pace of more than $25 billion.
Summary
- Monad now supports stablecoin settlement of Visa obligations for participating issuers and acquirers.
- Visa reported a settlement run rate above $25 billion during its October earnings call.
- Private Settlement remains a proposed Monad feature, with institutional access controls built into its design.
Monad confirmed the integration in a Nov. 10 post, saying participating issuers and acquirers can now settle their Visa obligations in stablecoins on the network. The announcement covers the movement of funds between payment institutions after card transactions.
Issuers provide cards to customers, while acquirers handle card payments for merchants. Blockchain settlement gives participating firms a way to move the funds owed through Visa using stablecoins, including outside conventional banking hours.
Visa’s latest disclosed settlement figure is higher than the $20 billion benchmark circulating alongside the announcement. During its Oct. 27 earnings call, chief executive Ryan McInerney said the annualized run rate had surpassed $25 billion, up tenfold from a year earlier.
Visa settlement volume has moved beyond September’s $20B
Visa disclosed the earlier figure in a Sept. 8 announcement about onchain lending, when it said stablecoin settlement volume had passed a $20 billion annualized run rate, more than 15 times its year-earlier level.
By late October, the company was reporting a higher pace of activity. As crypto.news previously reported, Visa’s settlement run rate topped $25 billion as its stablecoin business expanded across multiple networks and regions.
An annualized run rate expresses the current pace of activity over a full year. It does not mean Visa processed $25 billion throughout fiscal 2026, and the company’s network-wide figure does not represent settlement volume on Monad.
On the October call, McInerney said Visa supported 10 blockchains and operated settlement services across all five of its geographic regions. He reported more than 225 stablecoin-linked card programs, covering 5 million cards in more than 50 countries.
Card-program volume grew more than 150% year over year, according to the executive. Participating issuers included crypto exchanges, digital wallets, neobanks and remittance providers.
Weekend settlement has already reached Visa in the US
A completed pilot with Lloyds Banking Group offers an example of how stablecoin settlement works across borders. In its Sept. 30 announcement, Visa said Lloyds settled $750,000 of live dollar payment obligations during a seven-day trial.
Lloyds bought USDC through Archax, a UK-regulated digital asset exchange, and booked the settlements through its Corporate Markets branch in Jersey. Funds reached Visa in the United States in under an hour, including over the weekend.
The pilot involved a series of transactions, with the $750,000 representing their combined value. Visa said conventional cross-border settlement can take a day or longer when initiated outside banking hours.
Lloyds used its own node on Canton, while Visa supported settlement on a separate public blockchain. According to the companies, the arrangement tested movement between private and public blockchain environments.
Monad’s privacy design lets institutions control access
Alongside its settlement integration, Monad is developing infrastructure for institutions that need to keep financial records confidential. Category Labs introduced the Private Settlement design on Oct. 6.
The foundation’s published description says businesses would be able to configure their own execution domains, choosing validators, permitted assets, and access policies. Transactions, contract code, and state would be encrypted while the domains remained connected to Monad’s shared liquidity.
Auditors and regulators could receive scoped access to relevant records. Access would be denied by default, with separate policies governing balances, addresses, logs and receipts.
The proposed system covers uses such as payroll, supplier payments, tokenized funds and private trading positions. Its design allows institutions to set a jurisdictional context for their domains and update configurations through authorized operators.
Monad’s announcement describes Private Settlement as a published design that is not yet live, with Category Labs working alongside early design partners and operators.
Daily settlement creates a funding requirement for issuers
Visa’s September financing explainer identifies another part of operating stablecoin card programs: issuers must fund settlement before collecting money from cardholders.
Some early programs need only a few million dollars, drawn and repaid daily, including weekends and holidays. Visa said the costs of setting up conventional credit facilities can be difficult to justify at that size.
Working with Credit Coop, Visa described a stablecoin-denominated revolving facility secured against settlement receivables. With customer authorization, daily Visa settlement files are combined with onchain repayment records to help lenders assess the borrower and calibrate funding.
Incoming receivables pass through Credit Coop’s Spigot smart contract, which routes repayments before the remaining proceeds reach the borrower’s operating account. Rain has used the arrangement to fund daily Visa settlement obligations since August 2023.
