What to Know

  • Reap is preparing to add a Mexican peso stablecoin to its card, cross-border payment and treasury products through its global stablecoin partnership with Visa.
  • The Payward-owned fintech is also exploring stablecoins pegged to the Hong Kong dollar, euro, won and yen.
  • Reap is a Visa Principal Issuer Member in Hong Kong and Mexico, giving the peso token a practical starting point for expansion.
  • The company says it can support partners in more than 100 markets while handling regulated card issuance, compliance and bank relationships.
  • Reap says public blockchains operate continuously, while global foreign exchange still depends heavily on banking hours, correspondent banks and settlement processes that can take days.
  • In emerging and cross-border markets, moving money between currency corridors can incur fees of 5% to 7%, according to Reap founder Daren Guo.
  • Stablecoin payments remain overwhelmingly dollar-denominated, at nearly 99%, even when the underlying business activity takes place in local currencies.
  • Reap’s card and payments volume rose 33% year over year in the first half of 2026, after revenue and volume tripled in 2025.

Reap Targets Local-Currency Stablecoins for FX Settlement

Reap is preparing to expand its stablecoin strategy beyond the U.S. dollar with a planned Mexican peso token designed for use across cards, cross-border payments and treasury services. The Hong Kong-based fintech, owned by Kraken parent company Payward, is positioning the move as part of a broader push to make foreign exchange settlement available around the clock rather than only during conventional banking windows.

The planned peso stablecoin is being pursued through Reap’s global stablecoin partnership with Visa, which supports around-the-clock settlement for the company’s card programs. Reap is already a Visa Principal Issuer Member in Hong Kong and Mexico, allowing it to issue cards on its own bank identification numbers and manage regulated card issuance, compliance, bank relationships and related program infrastructure.

The initiative is notable because the stablecoin sector has been dominated by dollar-linked tokens, even when commercial activity is tied to other currencies. Reap founder Daren Guo said stablecoin payments are nearly 99% dollar-denominated, highlighting the gap between the currencies used in blockchain settlement and the local currencies used in real-world commerce. By adding local-currency tokens, Reap aims to address foreign exchange needs that arise outside banking hours and across markets where traditional settlement can be slow or expensive.

Mexican Peso Token Comes First as Reap Explores More Currencies

The Mexican peso is expected to be the first local-currency stablecoin addition because Reap holds Visa Principal Issuer Member licenses in both Hong Kong and Mexico. That regulatory and operational footprint makes the peso a practical first step as the company expands its stablecoin settlement model. Reap is also exploring tokens pegged to the Hong Kong dollar, euro, won and yen, though it has not provided a rollout timetable or named prospective issuers for those tokens.

The expansion reflects a wider debate in payments and digital assets: whether stablecoins can evolve from crypto-native dollar settlement tools into mainstream financial infrastructure for local commerce, treasury management and cross-border payments. Dollar stablecoins have already shown that tokenized money can move quickly across public blockchains. The next phase, in Reap’s view, may involve applying the same speed and availability to currency corridors where businesses operate in pesos, Hong Kong dollars, euros, won or yen.

Guo said demand for non-USD stablecoins is being driven by market demand and Reap’s priorities, particularly as clients look for more localized and cost-efficient experiences. That framing keeps the project grounded in practical payment use cases rather than a purely speculative crypto thesis. For companies handling supplier payments, card programs, payroll-related flows, e-commerce settlement or treasury transfers across borders, the ability to move value outside bank operating hours can be valuable if supported by compliance, liquidity and reliable redemption mechanisms.

Why 24/7 FX Settlement Matters

Public blockchains are continuously available, but the global foreign exchange system still relies heavily on banking hours, correspondent banking networks and settlement rails that may not operate at all times. This mismatch can create friction when businesses need to move money after local cutoffs, across weekends or between currency corridors where multiple intermediaries are involved.

In emerging and cross-border markets, Guo said moving money between currency corridors can incur fees of 5% to 7%. Those costs can be especially meaningful for businesses operating on thin margins, platforms paying international merchants, and companies managing treasury needs across several jurisdictions. Stablecoins do not automatically eliminate every cost, but they can potentially reduce operational delays when settlement can occur on public blockchain rails instead of waiting for the next banking window.

Reap’s strategy suggests that local-currency stablecoins may be useful not only for crypto trading or dollar settlement, but also for managing foreign-exchange exposure. A company receiving funds in one currency and needing to pay obligations in another can face timing risk when markets or banks are closed. Local-currency tokens could, in principle, allow firms to hold and transfer digitized versions of the currency they actually use for operations, reducing the need to default into dollars for every blockchain-based payment flow.

Visa Partnership Highlights Hybrid Payments Model

Reap’s work with Visa underscores a hybrid model that is becoming increasingly important in digital payments. Rather than presenting blockchain settlement as a replacement for traditional payment systems, the model combines public blockchain speed with the distribution, compliance and card network reach of existing financial infrastructure. In this arrangement, Visa operates at the network level, while Reap handles regulated card-issuing functions such as customer checks, bank relationships and cardholder compliance.

Stephen Karpin, Visa’s Asia-Pacific president, has said the company does not view blockchain networks and traditional banking infrastructure as a binary choice. He described them as complementary, with an opportunity to reduce friction where stablecoins can provide operational benefits while maintaining interoperability with the broader financial system.

That position is important because stablecoins face a key adoption challenge: speed alone is not enough. Businesses also need acceptance, compliance controls, fraud monitoring, treasury tools and a way to connect tokenized settlement with real-world spending. Reap’s pitch is that it can make stablecoins usable inside card and payment products, rather than leaving them as balances that exist only within a crypto wallet or exchange environment.

Payward Ownership Could Expand Reap’s Product Options

Reap’s ownership by Payward adds another layer to the company’s stablecoin ambitions. Guo said the acquisition opens additional capabilities, including possible access to yield, tokenized equities and trading. Those features remain framed as possibilities rather than announced product launches, but they indicate how Reap may see stablecoins as part of a broader financial services stack.

For businesses, the attraction of such a stack would depend on execution and regulatory clarity. Treasury teams typically prioritize safety, liquidity, auditability and predictable access to funds. If local-currency stablecoins are paired with card issuance, payments, fraud controls and compliance workflows, they may become more appealing to enterprises that would not otherwise interact with crypto infrastructure directly.

Reap has said it can support partners in more than 100 markets. That reach could matter if local-currency stablecoins are used to move value between business hubs, suppliers and merchants across regions. Still, the company has not announced a precise timetable for the peso token or the additional currencies under consideration, leaving key details around issuance, liquidity, redemption, market access and counterparties to be clarified later.

Growth Metrics Add Momentum to the Stablecoin Plan

Reap’s stablecoin ambitions arrive alongside reported growth in its card and payments business. The company said card and payments volume rose 33% year over year in the first half of 2026, after revenue and volume tripled in 2025. Those figures suggest that the company is trying to add blockchain settlement capabilities to an expanding payments base rather than building a stablecoin product in isolation.

That distinction matters for adoption. Many stablecoin projects face the challenge of finding everyday use cases beyond trading, remittances or dollar storage. Reap’s approach embeds stablecoin settlement into a product suite that already includes cards, cross-border payouts, treasury tools, compliance systems and fraud controls. If successfully implemented, local-currency tokens could become an invisible settlement layer within existing business payment products rather than a standalone crypto product requiring users to manage onchain complexity directly.

The peso stablecoin plan also arrives at a time when global payment providers are increasingly experimenting with tokenized settlement. The broader market is exploring how digital assets can improve speed and availability without discarding the rules, controls and interoperability expected in regulated finance. Reap’s project sits within that transition, emphasizing complementary infrastructure rather than disruption for its own sake.

Non-Dollar Stablecoins Face Practical Tests

Despite the potential, non-dollar stablecoins face important hurdles. Liquidity is a central issue because a stablecoin is only useful for payments and foreign exchange if businesses can reliably enter and exit positions at expected values. Redemption arrangements, reserve transparency, market-making support and regulatory treatment will all influence whether local-currency tokens can gain meaningful adoption.

There is also the challenge of user demand. The dominance of dollar-denominated stablecoins reflects the dollar’s global role in trade, finance and crypto markets. Local-currency stablecoins must prove that they solve a real pain point for businesses that need to pay, receive, hold or convert value in domestic currencies. Reap’s focus on Mexico, Hong Kong, Europe, Korea and Japan indicates that it is looking at corridors where established commercial activity may create demand for more localized settlement tools.

For now, the Mexican peso token is the clearest part of the plan, while Hong Kong dollar, euro, won and yen tokens remain under exploration. The larger signal is that stablecoin infrastructure is moving toward a more currency-diverse phase. If the model works, it could help businesses manage cross-border payments and foreign exchange beyond the limitations of bank operating hours, while still relying on traditional card networks and regulated issuing frameworks for distribution and compliance.

Frequently Asked Questions (FAQs)

What is Reap planning to launch?

Reap is preparing to add a Mexican peso stablecoin to its card, cross-border payment and treasury products through its global stablecoin partnership with Visa.

Which other stablecoins is Reap exploring?

Reap is exploring stablecoins pegged to the Hong Kong dollar, euro, won and yen, though it has not provided a rollout timetable or named prospective issuers.

Why is the Mexican peso stablecoin a practical first step?

Reap holds Visa Principal Issuer Member licenses in Hong Kong and Mexico, making the Mexican peso token a logical first addition to its local-currency stablecoin plans.

How does Visa fit into Reap’s stablecoin strategy?

Visa supports the network-level settlement layer, while Reap manages regulated card issuance, customer checks, bank relationships, compliance and related payment operations.

Why are non-dollar stablecoins important for FX settlement?

Non-dollar stablecoins could help companies move and manage local-currency value outside traditional banking hours, reducing reliance on dollar-denominated settlement when business activity occurs in other currencies.

How dominant are dollar stablecoins today?

Stablecoin payments are nearly 99% dollar-denominated, even though much global commercial activity takes place in local currencies.

What costs is Reap trying to address?

Reap says moving money between currency corridors in emerging and cross-border markets can incur fees of 5% to 7%, creating an incentive to explore more efficient settlement models.

Is blockchain settlement replacing traditional banking in this model?

No. Visa has framed blockchain networks and traditional banking infrastructure as complementary, with stablecoins potentially reducing friction while maintaining interoperability with the broader financial system.

What growth has Reap reported in its payments business?

Reap said its card and payments volume rose 33% year over year in the first half of 2026, after revenue and volume tripled in 2025.