Visa tells CNBC it is expanding data offering for blockchain lenders as demand for stablecoin-linked cards surges
Article excerpt
Highlighted: the sentence this signal was extracted from
In this article Visa said Tuesday morning it will make more data available to companies lending on the blockchain as stablecoin-linked cards are met with strong demand. The payments giant will pair its settlement data with onchain lending infrastructure, giving lenders greater insight into the financial performance of digital asset-focused fintech firms and card issuers. The program aims to speed up borrowing for these businesses as they grow rapidly. Visa currently operates more than 160 stablecoin-linked card programs for issuers and program managers, a nearly 200% increase year over year as more crypto businesses launch cards for customers. "Stablecoin-linked cards are in hypergrowth mode," Cuy Sheffield, head of crypto at Visa, told CNBC in an exclusive interview. He said there are new issuers, including stablecoin neobanks and fintech firms, joining the network and launching cards every week. To meet the demand surge and need for capital, the company is establishing partnerships to allow new issuers access to financing programs through smart contracts and onchain credit, Sheffield said. "We've been running a pilot with a company called Credit Coop that is enabling a credit facility for stablecoin-linked card providers, which we think is a positive step forward for how onchain credit can start to come into our network," Sheffield said. Credit Coop says it has processed...
Keep reading with a free account
The rest of this article, and every signal for Visa, is in your free account.
