{"id":503282,"date":"2025-10-17T15:15:04","date_gmt":"2025-10-17T14:15:04","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=503282"},"modified":"2025-10-17T12:04:10","modified_gmt":"2025-10-17T11:04:10","slug":"can-visas-670b-bet-on-programmable-money-rewrite-global-credit","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/can-visas-670b-bet-on-programmable-money-rewrite-global-credit\/","title":{"rendered":"Can Visa\u2019s $670B bet on programmable money rewrite global credit?"},"content":{"rendered":"

Visa just dropped a roadmap for the future of finance, and it runs on programmable money.<\/p>\n

In a comprehensive new report, the payments giant is stating to its network of over 15,000 financial institutions that the $670 billion stablecoin lending market is no longer just an experiment in crypto. This market is the foundation for the next generation of global credit markets.<\/p>\n

With the GENIUS Act<\/a> now establishing a regulatory framework for stablecoins in the US, Visa sees an opening to bridge traditional banking with blockchain-based lending protocols that operate 24\/7, automatically adjust interest rates based on supply and demand, and settle transactions in minutes rather than days.<\/p>\n

Numbers behind the revolution<\/h2>\n

The data Visa presents paints a picture of rapid institutional adoption. In August 2025 alone, $51.7 billion in stablecoins were borrowed across 427,000 loans from 81,000 active borrowers.<\/p>\n

These aren't small retail transactions, as the average loan size has recovered to $121,000, suggesting institutional players are increasingly comfortable with programmable credit markets.<\/p>\n

Additionally, the concentration tells its own story. Two protocols, Aave and Compound<\/a>, dominate the lending market with 89% of the lending volume, while USDC<\/a> and USDT<\/a> account for over 98% of the stablecoin supply powering these markets.<\/p>\n

Ethereum<\/a> and Polygon<\/a> maintain a roughly 85% market share, while newer chains like Base, Arbitrum<\/a>, and Solana<\/a> are gaining ground, accounting for 11% of combined activity.<\/p>\n

Borrowing rates averaged 6.4% APR in August 2025, with lending yields at 5.1% APY. These rates sit remarkably close to traditional credit markets, especially considering the 24\/7 availability and instant settlement that smart contracts provide.<\/p>\n

Three pillars of banking's blockchain future<\/h2>\n

Visa's<\/a> roadmap centers on three transformative shifts that could reshape how banks think about lending, collateral, and credit assessment.<\/p>\n

The first is the tokenized asset market, which has already grown from $5 billion in December 2023 to $12.7 billion today.<\/p>\n

McKinsey projects the sector could reach $1 trillion to $4 trillion by 2030, but Visa sees an even bigger prize by connecting the traditional credit market of over $40 trillion to programmable money rails.<\/p>\n

BlackRock's<\/a> BUIDL Fund exemplifies this evolution, reaching $2.9 billion in tokenized Treasury holdings while serving as collateral across multiple lending protocols.<\/p>\n

Franklin Templeton's<\/a> OnChain U.S. Government Money Fund adds another $800 million, while MakerDAO now derives nearly 30% of its $6.6 billion balance sheet from real-world assets.<\/p>\n

Corporate bonds, private credit, and real estate could soon serve as collateral in always-on global lending markets, creating new liquidity sources for assets that traditionally sat idle between trading sessions.<\/p>\n

The next pillar is crypto collateral. Early movers, such as ether.fi, are already launching non-custodial credit cards that enable users to borrow against their crypto holdings while maintaining asset ownership.<\/p>\n

This addresses a critical issue of accessing liquidity without triggering capital gains taxes or forfeiting upside exposure.<\/p>\n

Real-time collateral monitoring through smart contracts enables automated margin calls and risk management that traditional credit facilities cannot match.<\/p>\n

Banks and private credit funds could serve as liquidity providers to these programs, offering institutional capital through programmable protocols rather than bilateral credit agreements.<\/p>\n

The third pillar is on-chain identity. The current overcollateralization model, while secure, limits the market to borrowers who already possess significant assets.<\/p>\n

The next breakthrough involves developing on-chain identity and credit scoring systems that analyze wallet transaction history, asset holdings, and protocol interactions to construct credit profiles.<\/p>\n

Platforms like 3Jane, Providence, and Credora are pioneering methods to assess creditworthiness based on verifiable on-chain behavior, all while preserving privacy through the use of zero-knowledge proofs.<\/p>\n

This could eventually enable protocols to offer undercollateralized and unsecured loans based on reputation and credit history.<\/p>\n

Opportunities and changes needed<\/h2>\n

The shift from traditional lending to programmable credit markets requires fundamental changes in how financial institutions assess and manage risk.<\/p>\n

Instead of analyzing balance sheets and legal agreements, banks must evaluate protocol security audits, governance structures, and the reliability of data sources.<\/p>\n

This doesn't eliminate risk, but instead transforms it. Counterparty risk can be managed through smart contracts and automated liquidation, but technology risk becomes paramount.<\/p>\n

Banks need new frameworks for understanding smart contract vulnerabilities, governance token voting mechanisms, and oracle dependencies.<\/p>\n

In addition, three case studies in Visa's report demonstrate how leading protocols are already serving institutional needs beyond crypto trading.<\/p>\n

Morpho aggregates demand and liquidity across platforms, enabling users on Coinbase<\/a> to tap into shared pools that include deposits from Ledger<\/a> wallet users and institutional partners, such as Soci\u00e9t\u00e9 G\u00e9n\u00e9rale<\/a>.<\/p>\n

Credit Coop uses programmable lockboxes to enable revenue-based lending, with stablecoin-linked card issuer Rain borrowing over $175 million in USDC against future receivables.<\/p>\n

Huma Finance powers cross-border payment financing with a $500 million monthly transaction volume, offering APYs of 10% or more to lenders through rapid capital recycling.<\/p>\n

These are production systems that process hundreds of millions of dollars in monthly volume, while offering yields that traditional banking products struggle to match.<\/p>\n

Visa's message to its bank partners is that the infrastructure for programmable lending already exists, processes billions in monthly volume, and offers competitive rates with superior transparency and automation.<\/p>\n

The regulatory framework is emerging, institutional adoption is accelerating, and technical risks are increasingly well understood.<\/p>\n

Organizations that embrace this infrastructure today position themselves to lead tomorrow's global credit markets. Those who wait may find themselves competing against always-on, algorithmically managed lending protocols that offer 24\/7 service, instant settlement, and transparent pricing.<\/p>\n

The question for traditional banks isn't whether stablecoin-powered lending will reshape credit markets, as the data suggests it already has.<\/p>\n

The question is whether they'll participate in defining that future or find themselves disrupted by it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Visa just dropped a roadmap for the future of finance, and it runs on programmable money. In a comprehensive new report, the payments giant is stating to its network of over 15,000 financial institutions that the $670 billion stablecoin lending market is no longer just an experiment in crypto. This market is the foundation for […]<\/p>\n","protected":false},"author":1511,"featured_media":503292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,46940,60035,32631],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nCan Visa\u2019s $670B bet on programmable money rewrite global credit?<\/title>\n<meta name=\"description\" content=\"Visa\u2019s new paper pitches stablecoin-powered lending to over 15,000 banks: here\u2019s what the data says and what would have to change next.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/can-visas-670b-bet-on-programmable-money-rewrite-global-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can Visa\u2019s $670B bet on 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