Visa says it hopes to build infrastructure for lending in "on-chain finance"

Visa released a report titled "Stablecoins: Beyond Payments—The On-Chain Lending Opportunity," redefining decentralized finance as "on-chain finance." The report aims to make decentralized credit more institutionally accessible in the GENIUS Act era and outlines how banks and private credit funds can integrate into this system. Visa envisions institutions becoming liquidity providers for programmable lending protocols, with Visa providing data, compliance, and infrastructure services. Its well-known brand and reliable channels are expected to attract trillions of dollars in institutional capital. The white paper demonstrates Visa's shift from cryptocurrency experimentation to institutional infrastructure development. Since 2020, the "on-chain finance" market has issued over $670 billion in stablecoin loans, reaching a new high in mid-2025. This demonstrates that stablecoins have become a pillar of the automated credit market, capable of continuous operation and instant settlement. Visa's strategy for on-chain finance resembles traditional finance: it does not issue tokens or directly fund loans, but rather engages in technology-based businesses without lending risk. (CoinDesk)