Visa: Stablecoins Move Beyond Payments to Power $670B in On-Chain Credit
October 16, 2025 — Stablecoins are expanding far beyond payments, emerging as a key force in global credit markets, according to a new report from Visa.
The credit card giant’s latest analysis found that DeFi platforms have issued over $670 billion in stablecoin-backed loans since 2020, marking the asset class’s growing presence within the $40 trillion global credit market.
Currently, the on-chain lending sector holds $14.8 billion in outstanding loans, supported by $17.5 billion in total liquidity. Activity continues to accelerate, with 427,000 loans issued in August and more than 81,000 active borrowers across major DeFi platforms.
“Stablecoins are no longer just a tool for payments or crypto trading — they’re becoming a core component of the digital credit infrastructure,” Visa’s report stated.
Huma Finance Among Standout Performers
Visa’s report highlights Huma Finance as one of the leading platforms driving this trend. Huma specializes in short-term, receivables-backed lending using stablecoins, primarily serving cross-border payments and working capital financing.
Its loans typically range from 1 to 5 days, offering rapid liquidity for small and medium-sized enterprises. Huma has now reached $500 million in transaction volume, including loan originations and repayments, with $98 million in active loans currently deployed.
Stablecoins in the Next Credit Cycle
The report comes amid a broader institutional push toward regulated stablecoin adoption, particularly following the GENIUS Act, which has provided a clear compliance framework for issuers and financial institutions.
As stablecoins evolve from payment tools to credit instruments, Visa projects that the industry could scale to between $1 trillion and $4 trillion in total market size by 2030.
With their blend of speed, programmability, and global reach, stablecoins are now positioning themselves as the backbone of next-generation credit infrastructure — bridging traditional finance with decentralized networks.
