Reap Targets Non-USD Stablecoins for Enhanced Cross-Border Transactions
- Reap plans to introduce local-currency tokens, starting with a peso stablecoin, to facilitate foreign exchange outside banking hours.
- The company holds VPIM licenses in Hong Kong and Mexico and is exploring additional stablecoins like the Hong Kong dollar, euro, won, and yen.
- In the first half of the year, Reap’s card and payments volume increased by 33% year-over-year after tripling in the previous year.
- Reap is integrating stablecoin settlement into a product suite that includes cards, cross-border payouts, treasury tools, and compliance controls.
- Visa’s approach focuses on network-level stablecoin solutions while Reap manages regulated card issuance and compliance processes.
The demand for non-USD stablecoins reflects market needs for localized financial solutions as clients seek cost-effective options for transactions. Reap’s growth trajectory indicates a strong market presence with significant increases in payment volumes.
With a 33% increase in payments volume this year, Reap’s focus on local-currency stablecoins could reshape cross-border transactions significantly.(Source)
