Reap Plans Local Currency Stablecoins for 24/7 Cross-Border FX Settlement
Reap targets local-currency stablecoins for round-the-clock payments
Reap, a fintech platform owned by Kraken parent company Payward, is preparing to add a Mexican peso stablecoin to its card, cross-border payment, and treasury products. The company is also exploring stablecoins pegged to the Hong Kong dollar, euro, won, and Japanese yen. Founder Daren Guo told CoinDesk the goal is to enable foreign exchange settlement around the clock, outside traditional banking hours.
Key numbers
- Reap supports partners in more than 100 markets.
- Cross-border currency transfers can cost 5% to 7% in fees in some markets, according to Guo.
- Nearly 99% of stablecoin payments are currently dollar-denominated.
- Reap's card and payments volume grew 33% year over year in the first half of 2026, after revenue and volume tripled in 2025.
What Reap plans to offer
Reap holds a Visa Principal Issuer Member (VPIM) license in Hong Kong and Mexico, making the peso token a practical first step. The company issues cards on its own bank identification numbers (BINs) and handles regulated card issuance, customer checks, bank relationships, and compliance for its partners. Through its global partnership with Visa, Reap's card programs can settle via stablecoins 24 hours a day.
Guo said: "Visa makes stablecoins settle. Reap makes them spendable." He added that Reap's recent acquisition by Payward could open access to yield, tokenized equities, and trading features.
The company said it is integrating stablecoin settlement into a broader product suite that includes cards, cross-border payouts, treasury tools, and compliance and fraud controls. Reap aims to help businesses manage foreign-exchange exposure outside banking hours rather than using stablecoins solely for crypto trading or dollar settlement.
What Visa says about blockchain settlement
Visa does not view blockchain settlement as a replacement for conventional payment systems. Stephen Karpin, Visa's Asia-Pacific president, said: "We do not view this as a binary choice between blockchain networks and traditional banking infrastructure. We see them as being complementary." He added that the opportunity lies in reducing friction where stablecoins offer operational benefits while maintaining interoperability with the broader financial system.
Why this matters for cross-border payments
Public blockchains operate continuously, but global foreign exchange still depends on banking hours, correspondent banks, and settlement processes that can take days. Reap's push toward local-currency stablecoins suggests a potential way for companies to move money and manage currency exposure at any time, potentially lowering costs in cross-border corridors where fees remain high.
What is still unclear
Reap did not provide a rollout timetable for the peso stablecoin or the other tokens under consideration. The company also did not name the prospective issuers for these stablecoins. It remains uncertain when, or whether, these local-currency tokens will become available to partners and customers.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.