Visa extends stablecoin settlement in MENA with Aquanow
Visa a global digital payments player has expanded its stablecoin settlement capabilities within the MENA region, Africa, and Central and Eastern Europe through its partnership with UAE regulated Aquanow, crypto infrastructure platform.
As per the press release, the integration of Aquanow’s digital asset infrastructure with Visa’s world-class technology stack will enable Visa’s network of issuers and acquirers to settle transactions using approved stablecoins such as USDC, reducing costs, operational friction, and settlement times.
In 2023, Visa became one of the first major payments networks to settle transactions in stablecoin when it piloted enabling clients to fulfill their settlement obligations in USDC. To date, monthly volume has passed a $2.5 billion annualized run rate.
“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,” said Godfrey Sullivan, Head of Product and Solutions for CEMEA at Visa. “Our partnership with Aquanow is another key step in modernizing the back-end rails of payments, reducing reliance on traditional systems with multiple intermediaries, and preparing institutions for the future of money movement.”
Phil Sham, CEO of Aquanow, 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.”
Earlier this year, AQUANOW, partnered with Bahrain based SFB, a fully licensed digital bank regulated by the Central Bank of Bahrain (CBB), to make fiat banking services more accessible to institutional and enterprise participants in the digital asset space by offering on and off ramp services between fiat currencies and crypto.
