Hong Kong · CoinDesk
Why Payward-backed Reap is betting on non-USD stablecoins for 24/7 cross-border FX settlement
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Reap, a fintech platform and Visa Principal Issuer Member (VPIM), is preparing to add a Mexican peso stablecoin to its card, cross-border payments and treasury products, its founder told CoinDesk.
Key facts
- Hong Kong-based Reap is exploring tokens pegged to the Hong Kong dollar, the euro, the won and the yen, founder Daren Guo said in an email
- Stablecoin payments are overwhelmingly dollar-denominated, nearly 99%, even when the underlying commercial activity occurs in local currencies worldwide
- Reap holds VPIM licenses in Hong Kong and Mexico, making the peso token a practical first addition
- Reap, which is owned by Kraken parent company Payward, can issue cards on its own bank identification numbers, or BINs, and says it can support partners in more than 100 markets
Summary
Reap plans to add a Mexican peso stablecoin to its card, cross-border payment and treasury products through its global partnership with Visa. The Payward-owned fintech is also exploring stablecoins pegged to the Hong Kong dollar, euro, won and yen to support round-the-clock foreign exchange and lower cross-border costs. Reap, a Visa Principal Issuer Member in Hong Kong and Mexico, says it can support partners in more than 100 markets while handling regulated card issuance, compliance and bank relationships. Hong Kong-based Reap is exploring tokens pegged to the Hong Kong dollar, the euro, the won and the yen, founder Daren Guo said in an email.