Visa is expanding its stablecoin settlement services across Europe, the Middle East, and Africa through a new partnership with crypto infrastructure provider Aquanow, aiming to modernize payment systems and bypass traditional banking delays.
The alliance will enable issuers and acquirers on Visa’s network to settle transactions using approved stablecoins, such as USD Coin (USDC). This move targets regions experiencing robust digital growth.
This initiative promises 365-day-a-year settlements, eliminating delays caused by weekends and holidays common in conventional banking systems. For financial participants, this represents a significant leap in transaction speed.
Godfrey Sullivan, Visa’s Head of Product and Solutions for Central and Eastern Europe, Middle East, and Africa (CEMEA), stated the partnership is part of a strategy to reduce reliance on multi-intermediary systems. He added that it prepares financial institutions for the future of money movement.
Visa has already processed an annualized stablecoin settlement volume of $2.5 billion, according to CEO Ryan McInerney. The company was among the first major payment networks to pilot stablecoin settlements, beginning with USDC in 2023.
McInerney also indicated plans, mentioned in October, to add support for four more stablecoins on different blockchain networks. This highlights Visa’s ongoing commitment to digital asset integration.
Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to fiat currencies like the U.S. dollar. Their use in payments aims to enhance stability and efficiency, streamlining international transactions without traditional banking constraints.
For Aquanow, the collaboration strengthens its presence in strategic markets and consolidates its role as a key crypto infrastructure provider. The company previously partnered with Zodia Custody, backed by Standard Chartered, to expand into the United Arab Emirates and the Gulf Cooperation Council region in August 2024.
Aquanow also secured a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority last February, enabling regulated operations within an ecosystem that promotes digital asset adoption.
Phil Sham, CEO of Aquanow, noted that the partnership will unlock new forms of institutional participation in the digital economy. He said it combines Visa’s decades of secure money movement with stablecoin technology’s speed and transparency.
This strategic move by Visa aims to foster more agile, transparent, and accessible cross-border payments. It connects traditional finance with blockchain technology to strengthen Visa’s position in an evolving market.