Reap, a financial technology platform and Visa Principal Issuer Member (VPIM), is getting ready to integrate a Mexican peso-backed stablecoin into its suite of card, cross-border payment, and treasury offerings, according to a statement made by its founder to CoinDesk.
Daren Guo, the founder of the Hong Kong-headquartered firm, shared in an email that the business is also investigating tokens anchored to the euro, the Hong Kong dollar, the yen, and the won.
The company is advancing this geographic growth via its worldwide stablecoin collaboration with Visa, which equips its card frameworks with continuous daily clearing and settlement.
Reap, which is owned by Kraken parent company Payward, maintains the ability to distribute cards utilizing its own bank identification numbers (BINs) and notes it can assist partners across more than 100 different jurisdictions.
In Guo’s words, “Visa makes stablecoins settle. Reap makes them spendable,” adding that, “Our recent acquisition by Payward opens up additional capabilities,” such as potential avenues to yield, tokenized equities, and trading.
While public blockchain networks operate without interruption, conventional global foreign exchange (FX) continues to depend on standard banking hours, intermediary correspondent banks, and settlement cycles that may span multiple days. Guo noted that transferring funds across currency corridors in cross-border and emerging territories can result in charges ranging between 5% and 7%.
At present, stablecoin transactions are predominantly dollar-denominated—accounting for close to 99%—even when the underlying commercial transactions take place globally in domestic currencies.
The strategy outlined by Reap highlights a viable use case for digital tokens tied to local fiat currencies, empowering enterprises to shift capital and manage foreign exchange risks outside of regular banking schedules, as opposed to solely employing stablecoins for digital asset trading and dollar settlements.
Guo mentioned that, “Demand for non-USD stablecoins is driven by market demand and Reap’s priorities, especially as clients aim to get a more localized and cost-efficient experience.”
Because Reap possesses VPIM authorizations in both Mexico and Hong Kong, introducing a peso-denominated token serves as a logical initial step. Guo stated that the enterprise is additionally evaluating stablecoins tied to the euro, the South Korean won, the Japanese yen, and the Hong Kong dollar to support continuous onchain foreign exchange, though he withheld specific deployment schedules and the identities of prospective issuers.
The organization explained that it is embedding stablecoin clearing into a wider product ecosystem encompassing payment cards, international payouts, treasury instruments, alongside compliance and fraud mitigation protocols. Guo reported that Reap’s payment and card processing volumes expanded by 33% year over year during the initial half of 2026, following a threefold multiplication in both volume and revenue throughout 2025.
Guo explained that Visa’s stablecoin operations function at the core network layer, whereas Reap manages the regulated card issuance operations, which involve client verification procedures, banking partnerships, and cardholder regulatory compliance.
Stephen Karpin, Visa’s president for the Asia-Pacific region, emphasized that the corporation does not view blockchain settlement as a total replacement for legacy payment architectures.
Karpin remarked, “We do not view this as a binary choice between blockchain networks and traditional banking infrastructure. We see them as being complementary.” He further added, “The opportunity is to reduce friction where stablecoins can provide operational benefits, while maintaining interoperability with the broader financial system.”
Originally published at https://www.coindesk.com/business/2026/09/22/visa-partner-reap-eyes-local-currency-stablecoins-in-several-countries-for-24-7-onchain-fx.
