NymCard starts offering stablecoin payments in GCC

NymCard, a payments infrastructure company in CEMEA region, is offering stablecoin settlement in the Gulf Cooperation Council (GCC) region, part of the MENA region, with Visa. Nymcard will settle card transactions with Visa using Circle’s USDC to allow streamlined 24/7 settlement.

As per the press release, by leveraging this alternative model, issuers can significantly lower operational costs, reduce collateral and prefunding requirements, and create a foundation for simpler multi-currency settlement in the future.

NymCard CEO, Omar Onsi explained that they were the first issuer in the GCC to enable stablecoin settlement capability with Visa, which showcases their focus on being the payments infrastructure of tomorrow and offering advanced payment capabilities in the region.

While Godfrey Sullivan, Head of Product and Solutions for CMEA at Visa, reasserted their collaboration to bring next generation settlement solutions to the MENA region. He adds, “Stablecoins are redefining how value moves globally, and this milestone demonstrates Visa’s commitment to empowering financial institutions with speed, transparency, and cost efficiency, without compromising on compliance or reliability.”

PwC estimates that stablecoin-linked financial services in the GCC will grow at 32 percent per year. Stablecoins made up 52 percent of all cryptocurrency transactions carried out in the Mena region in the year to June 2024.

The UAE has already approved its AED stablecoin and the UAE Federal government is fully supporting AE Coin payments for governmental services. Notablly USDC and USDT have received approvals in UAE’s ADGM as well as DIFC.

Moreover Saudi Arabia has noted that it will also be introducing stablecoin payments.