Visa has just made it a lot easier for financial institutions in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region to settle transactions using stablecoins.
Summary
- Visa has expanded its stablecoin settlement capabilities in the CEMEA region through a partnership with Aquanow.
- The collaboration enables Visa’s network to settle transactions 365 days a year, reducing reliance on traditional systems.
- This partnership builds on Visa’s successful 2023 stablecoin pilot and supports growing demand from financial institutions.
A new collaboration with Aquanow aims to create faster stablecoin settlements with fewer headaches, lower costs, and cut down on the old-school bottlenecks of traditional payment systems.
As financial institutions have increasingly demanded more efficient cross-border transactions, Visa is taking the plunge to digitize the backend of money movement.
In 2023, Visa became one of the first major payment networks to settle transactions in stablecoins, starting with USDC.
Fast forward to today, and Visa’s stablecoin settlements have hit a $2.5 billion annualized run rate. Clearly, it’s catching on.
Phil Sham, CEO of Aquanow, expressed enthusiasm for the collaboration.
“Visa’s network has always been a trusted powerhouse in moving money securely and efficiently,” he said. “By combining our expertise in digital assets with their global reach, we’re unlocking new ways for institutions to take part in the digital economy, all while benefiting from the speed and transparency of the internet.”
