--- title: "Monad Says Visa Added It to Stablecoin Settlement as Run Rate Hits $25 Billion" description: "The Monad Foundation, not Visa, published the news, and it carried Visa's own figures: a $25 billion annualized settlement run rate, up tenfold in a year. For Visa shareholders the open question is whether that volume is priced by Visa or by the chain." publisher: "The Inference" section: "Economy" published: 2026-11-11T18:19:29.503Z modified: 2026-11-11T18:19:29.503Z canonical: https://theinference.org/article/monad-says-visa-added-it-to-stablecoin-settlement-as-run-rate-hits-25-billion language: en keywords: "Stablecoins, Payments, Visa, Cryptocurrency, Fintech" --- # Monad Says Visa Added It to Stablecoin Settlement as Run Rate Hits $25 Billion > The Monad Foundation, not Visa, published the news, and it carried Visa's own figures: a $25 billion annualized settlement run rate, up tenfold in a year. For Visa shareholders the open question is whether that volume is priced by Visa or by the chain. On November 10, 2026, the Monad Foundation announced that [Visa](https://theinference.org/markets/companies/visa), the world's largest card network, had added Monad, a fast Layer 1 blockchain, to the networks banks and payment firms can use to settle their obligations to Visa in stablecoins [1]. Visa itself published no announcement; the release quotes Dan Roesbery, Visa's vice president of global onchain partnerships, calling the addition "another step toward building a multi-chain settlement infrastructure." [1] The Monad Foundation, not Visa, published the announcement. ## Tenfold in a year, from a small base The release carries Visa's own figures: an annualized stablecoin settlement run rate of $25 billion as of September 2026, roughly ten times the year-earlier level, across more than 225 stablecoin-linked card programs, up from 130 in April. [1] Visa CEO [Ryan McInerney](https://theinference.org/markets/people/ryan-mcinerney) gave the same numbers on [the company's October 27 earnings call](https://finance.yahoo.com/markets/crypto/articles/monad-now-settlement-option-visa-195000605.html), where he also counted ten settlement blockchains and five stablecoins: USDC, USDG, EURC, PYUSD and SBC. [1][2] He did not name Monad among the ten, and neither company has said whether Monad is included in that count. [1] *Chart: **Visa's stablecoin settlement run rate hit $25 billion, ten times a year earlier** Bar chart of Visa's annualized stablecoin settlement run rate at three dates: about $2.5 billion in October 2025, $7 billion in April 2026 and $25 billion in September 2026, with the September bar highlighted.* *Annualized stablecoin settlement run rate, US dollars, as disclosed by Visa: October 2025 and September 2026 figures via Visa's October 27, 2026, earnings call; April 2026 figure via Visa's April release. Sources: [1], [2]. [1][2]* Scale matters here. [Visa told investors in April](https://financefeeds.com/visas-stablecoin-settlement-run-rate-surpasses-25-billion-rising-tenfold-year-over-year/) that its network had settled almost $13 trillion between financial institution partners in the preceding year, overwhelmingly in fiat currency. [2] The $25 billion stablecoin run rate is roughly 0.2% of that [2]. At that scale, the growth signals intent to compete rather than an established business. ## Mastercard moved first On June 3, 2026 [Mastercard](https://theinference.org/markets/companies/mastercard) [said it would add settlement windows beyond the business week](https://www.digitaltransactions.net/mastercard-adds-settlement-windows-beyond-business-days/): weekends, holidays and intraday, for both fiat transactions and cards linked to regulated stablecoins such as USDC. [5] Mastercard ran more than 120 crypto-linked card programs at the time and had agreed in March to buy stablecoin infrastructure firm BVNK for $1.8 billion. [5] Payments consultant Aaron McPherson flagged the strategic logic: the move "does have the side effect of taking the momentum away from direct stablecoin transactions," because the networks "do not want to see a rival set of rails compete with cards." [5] ## The bear case has no number That is the crux for a Visa holder. The bull case reads the $25 billion as settlement volume Visa captures and prices on its own terms, volume that would otherwise clear outside the network [1][3]. The bear case reads it as the first tranche of a rail that commoditizes settlement itself, where the chain, not the card network, owns the faster, cheaper leg. So far the only disclosed number favors the bull case; what Visa earns per dollar remains unknown, because [Visa does not disclose per-settlement economics](https://theinference.org/article/visa-s-25-billion-stablecoin-run-rate-comes-with-no-revenue-figure-and-renewals-decide-2027), and the Monad release names no issuers or acquirers and no volumes on Monad specifically. [1][3] ## What to watch Monad's pitch for institutions is privacy, and it is not live. [The foundation says its Private Settlement feature](https://cryptonews.net/news/blockchain/33732932/), built to keep payment details hidden from the public while auditors and regulators can still see them, will reach Visa's partners "in the coming months." [1] Three dated checkpoints tell the story's direction: whether Visa's next disclosure names Monad in the settlement count, which stablecoins actually settle on it, and the December-quarter earnings call, where the run rate either keeps compounding from $25 billion or the growth curve flattens as the base gets bigger [1][2]. Until then, the run rate is the only hard number either side of the argument has. [1][2] ## Takeaway Visa's $25 billion stablecoin settlement run rate grew tenfold in a year, but the news came from Monad's foundation and carries no per-dollar economics, so the volume's value to Visa is still unproven. ## Sources 1. [Unchained via Yahoo Finance, Monad Is Now a Settlement Option in Visa's Stablecoin Program, 10 November 2026](https://finance.yahoo.com/markets/crypto/articles/monad-now-settlement-option-visa-195000605.html) 2. [FinanceFeeds, Visa's Stablecoin Settlement Run Rate Surpasses $25 Billion, Rising Tenfold Year Over Year, 29 October 2026](https://financefeeds.com/visas-stablecoin-settlement-run-rate-surpasses-25-billion-rising-tenfold-year-over-year/) 3. [Coin-Turk via Cryptonews.net, Visa adds Monad blockchain to stablecoin settlement program, run rate hits $25 billion, 10 November 2026](https://cryptonews.net/news/blockchain/33732932/) 5. [Digital Transactions, Mastercard Adds Settlement Windows Beyond Business Days, 3 June 2026](https://www.digitaltransactions.net/mastercard-adds-settlement-windows-beyond-business-days/) --- Monad Says Visa Added It to Stablecoin Settlement as Run Rate Hits $25 Billion — The Inference. Canonical: https://theinference.org/article/monad-says-visa-added-it-to-stablecoin-settlement-as-run-rate-hits-25-billion