Visa accelerates stablecoin adoption in CEMEA with Aquanow

Source: APO.

The integration of Aquanow’s digital asset infrastructure with Visa’s technology stack will enable Visa’s network of issuers and acquirers to settle transactions using approved stablecoins such as USDC, reducing costs, operational friction, and settlement times.

With strong demand among financial institutions for faster and more cost-effective cross-border transactions, Visa is leveraging stablecoins to digitise the backend of money movement, supporting 365-day settlement.

In 2023, Visa became one of the first major payments networks to settle transactions in stablecoin when it piloted enabling clients to fulfill their settlement obligations in USDC. To date, monthly volume has passed a $2.5bn annualised run rate.

“By harnessing the power of stablecoins and pairing them with our trusted global technology, we are enabling financial institutions in CEMEA to experience faster and simpler settlements,” said Godfrey Sullivan, Head: Product and Solutions for CEMEA at Visa.

“Our partnership with Aquanow is another key step in modernising the back-end rails of payments, reducing reliance on traditional systems with multiple intermediaries, and preparing institutions for the future of money movement.”

Phil Sham, chief of executive officer of Aquanow, said: “Visa’s reliable global network has long moved money securely and efficiently. Together, Visa and Aquanow are unlocking new ways for institutions to participate in the digital economy, leveraging stablecoin technology to settle with the speed and transparency of the internet."