Visa has announced a strategic partnership with Aquanow, a provider of crypto infrastructure, to enhance its stablecoin settlement services in the regions of Central and Eastern Europe, the Middle East, and Africa (CEMEA). This initiative aims to streamline payment processes, making them quicker, more transparent, and accessible year-round for financial institutions operating in these areas.
With this collaboration, Visa”s network of banks and payment providers will have the capability to settle transactions using approved stablecoins, including USDC. This system operates continuously throughout the year, effectively eliminating the delays typically associated with weekends and public holidays in conventional banking systems. The partnership is designed to minimize the reliance on intermediaries and modernize transaction methods between institutions.
This alliance follows Visa”s earlier collaboration with Yellow Card, which aimed to boost stablecoin payments across CEMEA. Godfrey Sullivan, who oversees product and solutions for CEMEA at Visa, emphasized that this partnership is a significant advancement in enhancing payment systems. He expressed confidence in equipping banks for the evolving landscape of digital currency.
Phil Sham, the CEO of Aquanow, underscored the benefits of merging Visa”s extensive global network with Aquanow”s blockchain capabilities. He remarked that this partnership offers banks and institutions innovative avenues to utilize digital currencies, thereby enhancing the speed and transparency of transactions.
Aquanow has established itself as a key player in the CEMEA region over the years. In 2024, it joined forces with Standard Chartered-backed Zodia Custody to facilitate expansion into the UAE and the Gulf Cooperation Council. The firm also obtained a Virtual Asset Service Provider license from Dubai”s Virtual Asset Regulatory Authority in early 2024, which bolsters its regulatory compliance and standing within the digital asset sector.
The expansion of Visa”s services aligns with its broader strategy to integrate digital currencies into the global financial framework using blockchain technology. Visa ventured into the stablecoin arena in 2023 by initiating settlements with USDC, becoming one of the initial major payment networks to do so. The company has since amplified its stablecoin settlement volume, achieving an annualized run rate of $2.5 billion. CEO Ryan McInerney indicated that Visa intends to support multiple stablecoins across various blockchains shortly.
Moreover, Visa”s stablecoin initiative is part of a larger ambition to incorporate digital money into the worldwide financial system. In September, it initiated a pilot program allowing banks and financial institutions to pre-fund cross-border transactions using stablecoins, marking a significant step toward adopting blockchain-based payment infrastructures. Furthermore, Visa has invested in firms focusing on stablecoins; in May, it secured a strategic partnership with the London-based fintech company BVNK to bolster its position in blockchain settlement technologies.
