Why Payward-backed Reap is betting on non-USD stablecoins for 24/7 cross-border FX settlement
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Summary
Reap, a Payward-owned fintech and Visa Principal Issuer Member in Hong Kong and Mexico, is planning to launch a Mexican peso stablecoin along with exploring stablecoins pegged to the Hong Kong dollar, euro, won, and yen. The initiative aims to build a 24/7 foreign exchange (FX) platform enabling round-the-clock cross-border payments and treasury services. Reap leverages its global partnership with Visa to integrate stablecoin settlement into its card programs and compliance infrastructure.
Why it matters
The development addresses the current limitations of traditional FX settlement, which depends on banking hours and can take days, often incurring high fees of 5% to 7% in emerging and cross-border markets. Reap’s focus on non-USD stablecoins aims to enable more localized and cost-efficient cross-border payments and FX exposure management outside of conventional banking hours. Visa views blockchain settlement as complementary to traditional payment systems, potentially reducing operational friction while maintaining financial system interoperability.
Key context
Reap is owned by Payward, the parent company of Kraken, and holds VPIM licenses that allow regulated card issuance and compliance in over 100 markets. Currently, nearly 99% of stablecoin payments are dollar-denominated, despite global commercial activity often occurring in local currencies. Reap’s strategy signifies a potential shift toward local-currency stablecoins used for practical payment and settlement functions rather than primarily for crypto trading.
Key numbers and entities
Reap (owned by Payward), Visa, founder Daren Guo, Stephen Karpin (Visa Asia-Pacific president), proposed stablecoins pegged to Mexican peso, Hong Kong dollar, euro, won, and yen. Reap reported a 33% year-over-year increase in card and payments volume in the first half of 2026, following revenue and volume tripling in 2025.
What remains unclear
The source does not provide a timetable for the rollout of the new stablecoins or specify the prospective issuers. Details on how yield, tokenized equities, and trading capabilities will be integrated under Payward’s ownership were not elaborated. It is also unclear how widely and quickly the platform will be adopted across the 100 supported markets.