SS #96 - Visa Stablecoin Settlement Hits $7B

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Good morning.

Visa just put a real number on its stablecoin ambitions, hitting a $7B annualized settlement run rate across nine supported blockchains and 130+ card programs in over 50 countries, signaling that the world's largest card network is no longer piloting stablecoins but productizing them.

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In Today's Edition:

• Headline: Visa Stablecoin Settlement Hits $7B

• Quick Bites: Meta Begins Offering USDC Creator Payouts

• Yield of the Week: Gauntlet eUSD Core's 17.61% APY

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HEADLINE

State of play: Visa's stablecoin settlement pilot reached a $7B annualized run rate, up 50% from last quarter, as it added five blockchains to bring total supported networks to nine.

• New chains include Arc, Base, Canton, Polygon, and Tempo, joining existing support for Avalanche, Ethereum, Solana, and Stellar.

• Visa now backs over 130 stablecoin-linked card programs across more than 50 countries and recently extended USDC settlement to US banks.

• William Blair reiterated an outperform rating, flagging stablecoin B2B settlement and agentic commerce as underappreciated growth vectors for the network.

What’s Next: More US banks onboarded to USDC settlement, broader stablecoin card programs beyond 50 countries, and deeper digital euro interoperability work.

Why it Matters: A 50% QoQ jump in settlement volume signals stablecoins are moving from pilot to production inside the world's largest card network.

Our Take: Visa is quietly becoming the most credible stablecoin settlement layer outside crypto-native infrastructure, and multi-chain abstraction is the moat that turns "card network" into "payments protocol."

QUICK BITES

• Meta begins offering USDC creator payouts.

• Israel approves its first regulated stablecoin.

• Hong Kong warns of fake tokens posing as HSBC's stablecoin.

• Tether leads Belo's $14M raise to expand stablecoin payments across LATAM.

• Solana Ventures leads $18M round in Squads to scale its stablecoin platform.

• Visa stablecoin settlement hits $7B run rate as pilot expands to 9 blockchains.

YIELD OF THE WEEK

Gauntlet eUSD Core: 17.61% APY

• The vault accepts eUSD deposits and allocates capital across curated Morpho lending markets following Gauntlet's CORE framework, optimizing risk-adjusted yield across liquid collateral markets, with ~$1.03M in total deposits.

• Capital is primarily deployed into WBTC/eUSD (~$1.03M at 93.93% utilization), with a smaller allocation to wstETH/eUSD running at 100% utilization.

• Yield is generated from lending demand across high-utilization collateralized markets, with WBTC/eUSD generating 19.47% APY and wstETH/eUSD at 116.77%, net of a 10% performance fee.

yoUSD (YO Protocol): 15.86% APY

• The vault accepts USDC deposits and continuously reallocates capital across chains and protocols to maximize risk-adjusted yield, with ~$23.22M in TVL while also earning 12% in YO reward yield on deposits.

• Capital is primarily deployed into Morpho cbBTC/USDC on Base (~62.49%), WETH/USDC on Base (~17.24%), and wstETH/USDT on Ethereum (~13.44%), with automated rebalancing across 8 yield sources and a 5% target idle buffer.

• Yield is generated from lending demand across Morpho markets on multiple chains, with continuous rebalancing optimizing allocations in real time, at 0% fees, with withdrawals taking up to 24 hours due to cross-chain bridging.

Flagship Base USDC SuperVault: 14.72% APY

• The vault accepts USDC deposits on Base and allocates capital across institutional-grade, non-custodial strategies secured by validators, with ~$1.58M in total deposits and also earning UP rewards.

• Capital is primarily deployed into Steakhouse High Yield Instant (~94.99%, $1.50M USDC) with ~5% held as idle USDC liquidity buffer.

• Yield is generated from diversified DeFi lending and liquidity strategies across Base, delivering a 14.72% current APY with a 1-month change of +6.21% and total deposits growing by ~$1.44M since launch.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.