Reap, a Hong Kong-based fintech owned by Payward, plans to add a Mexican peso stablecoin to its card, cross-border payment and treasury products through its partnership with Visa. The company is also exploring stablecoins pegged to the Hong Kong dollar, euro, won and yen.
The expansion addresses a gap in global finance: while public blockchains operate continuously, foreign exchange markets rely on banking hours and correspondent bank networks, with settlement often taking days. In emerging and cross-border markets, currency transfers can incur fees of 5% to 7%, according to Reap founder Daren Guo.
Reap holds Visa Principal Issuer Member licenses in Hong Kong and Mexico, positioning the Mexican peso token as its first addition. The company can support partners in more than 100 markets and handles regulated card issuance, compliance and bank relationships.
Stablecoin payments are currently overwhelmingly dollar-denominated, at nearly 99%, even when underlying commercial activity occurs in local currencies worldwide. Local-currency tokens would enable companies to move money and manage foreign-exchange exposure outside banking hours rather than relying solely on dollar-denominated settlement.
Reap's card and payments volume rose 33% year over year in the first half of 2026, following tripled revenue and volume in 2025.
Visa operates stablecoin work at the network level, while Reap handles the regulated card-issuing business, including customer verification and cardholder compliance. Visa's Asia-Pacific president Stephen Karpin stated the company views blockchain settlement and traditional banking infrastructure as complementary rather than competitive.
