Visa Expands Stablecoin Settlements Across CEMEA with Aquanow

Visa has recently announced a new partnership with crypto infrastructure provider Aquanow. The global payment company aims to grow its stablecoin settlement services in Central and Eastern Europe, the Middle East, and Africa (CEMEA). 

The move is set to make payments faster, more transparent, and available every day of the year for financial institutions in these regions.

Bringing Stablecoins to the Forefront of Payments

Through this partnership, Visa’s network of banks and payment providers in the region will be able to settle transactions using approved stablecoins, such as USDC. 

This system works 365 days a year, avoiding the delays often caused by weekends and public holidays in traditional banking. The collaboration is designed to reduce the number of intermediaries in transactions and modernize the way money moves between institutions.

This new partnership with Aquanow comes months after Visa teamed up with Yellow Card to grow its stablecoin payments across CEMEA. In a recent statement, Godfrey Sullivan, head of product and solutions for CEMEA at Visa, said the partnership is a key step in updating payment systems. He expressed optimism about preparing banks for the future of digital money.

Aquanow Brings Regional Strength and Expertise

Phil Sham, CEO of Aquanow, highlighted the value of combining Visa’s established global network with Aquanow’s blockchain technology. He stated that the partnership gives banks and institutions new ways to use digital currencies, making transactions faster and more transparent.

Aquanow has deep expertise and has been growing its presence for years in the CEMEA region. In 2024, the firm partnered with Standard Chartered-backed Zodia Custody to support expansion in the UAE and the Gulf Cooperation Council. 

Additionally, Aquanow secured a Virtual Asset Service Provider license from Dubai’s Virtual Asset Regulatory Authority in early 2024. This approval strengthens its regulatory compliance and credibility in the digital asset space.

Visa Expansion Part of Its Digital Currency Push

Visa first entered the stablecoin space in 2023, piloting USDC settlement as one of the first major payment networks to do so. Since then, the company has scaled its stablecoin settlement volume to an annualized run rate of $2.5 billion. 

CEO Ryan McInerney also said Visa plans to support four stablecoins across four different blockchains in the near future. Furthermore, Visa’s stablecoin plan is part of a bigger goal to bring digital money into the global financial system using blockchain technology. 

In September, the company started a pilot program allowing banks and financial institutions to pre-fund cross-border transactions with stablecoins. This initiative marked one of its moves into blockchain-based payment rails. 

Visa has also invested in companies that focus on stablecoins. In May, the global payment company inked a strategic deal with London-based fintech company BVNK. 

Visa intends to leverage BVNK’s stablecoin payment infrastructure to establish itself in blockchain-based settlement technologies further.