Visa taps Aquanow to expand stablecoin settlement in CEMEA

Visa has recently announced a strategic partnership with Aquanow, aimed at simplifying the process for financial institutions in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region to settle transactions using stablecoins. This collaboration seeks to facilitate faster settlements, reduce costs, and eliminate traditional payment system bottlenecks.

Visa and Aquanow collaborate to enhance stablecoin transactions

With the increasing demand from financial institutions for more efficient cross-border transactions, Visa is taking significant steps to modernize the backend of money movement. This partnership with Aquanow is expected to usher in a new era of stablecoin settlements, allowing institutions to navigate the digital economy more seamlessly.

Financial institutions seek more efficient cross-border payment solutions

As the global financial landscape evolves, institutions are looking for ways to improve transaction efficiency. Visa's move towards stablecoin settlements is a response to these evolving needs, providing a solution that addresses the complexities and costs associated with traditional payment methods. The collaboration aims to ensure that these institutions can settle transactions quickly and effectively.

Visa pioneers stablecoin settlements, achieving significant transaction volumes

In 2023, Visa distinguished itself as one of the first major payment networks to embrace stablecoin settlements, starting with USDC. Since then, the adoption of this new payment method has surged, with Visa reporting an impressive annualized transaction volume of $2.5 billion. This growth highlights the increasing acceptance and utility of stablecoins within the financial sector.

Aquanow's CEO emphasizes the advantages of integrating digital assets

Phil Sham, the CEO of Aquanow, expressed his excitement regarding the collaboration, noting that Visa's extensive network is a trusted leader in secure money movement. He stated that combining Aquanow's digital asset expertise with Visa's global reach would unlock new opportunities for institutions to engage in the digital economy, benefiting from the speed and transparency that digital assets offer.

This partnership marks a significant step forward in the integration of digital assets into mainstream finance, reflecting a broader trend towards the digitization of payment systems. As more institutions recognize the potential of stablecoins, the landscape of cross-border transactions is set to change dramatically.