Visa has partnered with Aquanow to enhance its stablecoin settlement capabilities across Central and Eastern Europe, the Middle East and Africa (CEMEA) regions.
The partnership integrates Aquanow’s digital asset infrastructure with Visa’s advanced technology stack.
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This enables Visa’s network of issuers and acquirers to settle transactions using approved stablecoins such as US dollar coin (USDC), to reduce costs and settlement times.
Visa said that stablecoins can address the growing demand among financial institutions for faster and more cost-effective cross-border transactions.
Visa CEMEA product and solutions head Godfrey Sullivan said: “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.
“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.”
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By GlobalDataEstablished in 2018, Aquanow is a digital asset platform specialising in liquidity and infrastructure, serving banks, neobanks, brokerages, and payment companies.
The company supports technology infrastructure and underwrites billions of dollars in monthly crypto brokerage and payment transactions.
Aquanow employs over 170 team members across global office locations.
Aquanow CEO Phil Sham 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”.
Recently, Visa launched a pilot programme, Visa Direct, which allows businesses to send payouts in stablecoins directly to recipients’ digital wallets.
Through this pilot, companies can continue to fund payouts in traditional fiat currencies, while recipients can now opt for US dollar-backed stablecoin payments.
The pilot is said to specifically address the needs of individuals and organisations in regions affected by currency volatility or lacking banking infrastructure.
