CoinDesk
Reap, the Hong Kong-based fintech owned by Kraken parent Payward, is preparing to add a Mexican peso stablecoin to its card, cross-border payments and treasury products, founder Daren Guo told CoinDesk. The company is also exploring tokens pegged to the Hong Kong dollar, the euro, the won and the yen to support round-the-clock foreign exchange, though it gave no rollout timetable and has not named prospective issuers.
The expansion runs through Reap's global stablecoin partnership with Visa, which provides its card programs with around-the-clock settlement. As a Visa Principal Issuer Member in Hong Kong and Mexico, Reap can issue cards on its own bank identification numbers and says it supports partners in more than 100 markets.
Why it matters
Stablecoin payments are almost entirely dollar-denominated, at nearly 99%, even when the underlying commercial activity happens in local currencies. Public blockchains run continuously, but global FX still depends on banking hours, correspondent banks and settlement that can take days. In emerging and cross-border markets, moving money between currency corridors can incur fees of 5% to 7%, according to Guo.
Local-currency tokens would let companies move money and manage foreign-exchange exposure outside banking hours, extending stablecoins beyond crypto trading and dollar settlement. "Visa makes stablecoins settle. Reap makes them spendable," Guo said, adding that the Payward acquisition opens possible access to yield, tokenized equities and trading.
Market impact
The peso token is a practical first step given Reap's VPIM licenses in both Hong Kong and Mexico. The company's card and payments volume rose 33% year over year in the first half of 2026, after revenue and volume tripled in 2025, suggesting the issuance pipeline is scaling alongside the stablecoin push.
Frequently asked questions
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What stablecoins is Reap planning to add?
Reap is preparing to add a Mexican peso stablecoin and is exploring tokens pegged to the Hong Kong dollar, the euro, the won and the yen. It has not provided a rollout timetable or named prospective issuers.
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How does Visa fit into Reap's stablecoin plans?
Reap is pursuing the expansion through its global stablecoin partnership with Visa, which provides its card programs with around-the-clock settlement. Reap handles the regulated card-issuing side, including customer checks, bank relationships and compliance.
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Why does Reap focus on non-USD stablecoins?
Stablecoin payments are nearly 99% dollar-denominated even when commercial activity occurs in local currencies. Local-currency tokens would let companies move money and manage FX exposure outside banking hours at lower cost.
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What does cross-border FX cost without stablecoins?
In emerging and cross-border markets, moving money between currency corridors can incur fees of 5% to 7%, according to Reap founder Daren Guo, with settlement often taking days through correspondent banks.
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Who owns Reap and how big is its footprint?
Reap is owned by Payward, the parent company of Kraken. It holds Visa Principal Issuer Member licenses in Hong Kong and Mexico and says it can support partners in more than 100 markets, with card and payments volume up 33% year over year in the first half of 2026.
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