Reap targets non‑USD stablecoins to enable 24/7 cross‑border FX settlement

Reap, a Visa Principal Issuer Member (VPIM) owned by Payward, is preparing to add a Mexican peso‑pegged stablecoin to its card, cross‑border payment and treasury offerings. The company is also studying stablecoins linked to the Hong Kong dollar, euro, South Korean won and Japanese yen as part of a broader effort to support 24/7 foreign‑exchange (FX) settlement outside traditional banking hours.

Visa partnership drives on‑chain settlement

Through a global stablecoin partnership with Visa, Reap can settle stablecoin transactions on the Visa network around the clock. Reap handles regulated card issuance, compliance and bank relationships, while Visa provides the settlement infrastructure.

Focus on local‑currency tokens

Stablecoin usage has been overwhelmingly dollar‑denominated, accounting for roughly 99% of transactions. Reap’s initiative aims to create local‑currency tokens that allow businesses to move money and manage FX exposure without waiting for banking‑hour settlements, potentially reducing cross‑border fees that can reach 5%‑7%.

Market reach and growth

Reap holds VPIM licenses in Hong Kong and Mexico, enabling it to support partners in more than 100 markets. The firm reported a 33% year‑over‑year increase in card and payments volume in the first half of 2026, following revenue and volume growth in 2025.

Regulatory perspective

Visa’s Asia‑Pacific president, Stephen Karpin, emphasized that blockchain settlement is not intended to replace traditional payment systems but to complement them, reducing friction where stablecoins can add operational benefits while maintaining interoperability with the broader financial system.