Visa partner Reap plans to launch a Mexican Peso stablecoin, exploring 24/7 on-chain foreign exchange

According to CoinDesk, Daren Guo, founder of Reap, a Hong Kong fintech platform and Visa partner, stated that Reap plans to add a Mexican peso stablecoin to its card, cross-border payment, and fund management products, and is exploring stablecoins for the Hong Kong dollar, euro, Korean won, and Japanese yen to support around-the-clock on-chain foreign exchange settlements and reduce cross-border costs.

Reap is a major issuing member of Visa in Hong Kong and Mexico (VPIM), owned by Kraken's parent company Payward, and can issue cards on its own BIN, claiming to support partners in over 100 markets. Guo noted that while public blockchains continue to operate, global foreign exchange still relies on bank operating hours, correspondent banks, and settlements that can take several days. Transfer fees for some currency corridors in emerging and cross-border markets can reach 5% to 7%, while nearly 99% of current stablecoin payments are denominated in US dollars.

The company is integrating stablecoin settlements into a broader product system that includes cards, cross-border payments, fund management, and compliance risk control. Reap stated that in the first half of 2026, card and payment volumes grew by 33% year-on-year, with revenue and transaction volume expected to double in 2025. Stephen Karpin, President of Visa Asia Pacific, stated that blockchain settlement should not be viewed as a replacement for traditional payment systems, but rather as a complementary relationship, with opportunities to reduce friction and maintain interoperability with the broader financial system.