According to a recent Visa report, stablecoins have facilitated approximately $670 billion in loans over the past five years, with the average loan amount increasing from $76,000 to $121,000. USDC and USDT account for 98% of this, consistent with their combined market capitalization of $307 billion. Visa notes that stablecoins have the potential to transform the credit landscape by driving traditional financial institutions to migrate portions of the $40 trillion global credit market to programmable blockchain systems. However, the International Monetary Fund (IMF) warns that the rapid development of stablecoins could lead to increased leverage, risk accumulation, and maturity mismatches in the financial system. The Visa report emphasizes that banks and financial institutions should understand how programmable currencies can reshape the credit market to capitalize on potential opportunities.