Reap, a fintech platform owned by Payward, the parent of Kraken, is preparing to issue a stablecoin pegged to the Mexican peso. The token will be integrated into Reap’s card, cross‑border payment and treasury services, which operate under a global partnership with Visa.
The company, which holds Visa Principal Issuer Member (VPIM) licences in Hong Kong and Mexico, says it can support partners in more than 100 markets while handling regulated card issuance, compliance and bank relationships. In addition to the peso token, Reap is studying stablecoins linked to the Hong Kong dollar, the euro, the South Korean won and the Japanese yen. No rollout timetable or issuing partners have been disclosed.
Visa’s network will provide the underlying settlement infrastructure, allowing Reap’s card programmes to settle transactions continuously. Reap will retain responsibility for the regulated card‑issuing business, including customer checks, fraud controls and bank relationships.
According to Reap’s founder Daren Guo, the move addresses a market need for non‑USD stablecoins. While stablecoin payments are currently about 99% dollar‑denominated, emerging‑market FX corridors often incur fees of 5% to 7% when settled through traditional banks. By offering local‑currency tokens, Reap aims to lower those costs and enable companies to manage foreign‑exchange exposure outside banking hours.
Reap’s financial metrics show rapid growth. Card and payments volume rose 33% year‑over‑year in the first half of 2026, following a tripling of revenue and volume in 2025. The partnership with Visa also allows Reap to issue cards on its own bank identification numbers, expanding its reach.
Visa’s Asia‑Pacific president Stephen Karpin emphasized that blockchain settlement is not intended to replace conventional payment systems but to complement them where operational benefits exist. The collaboration therefore seeks to reduce friction in cross‑border FX while maintaining interoperability with the broader financial system.
