Visa has teamed up with a digital asset platform, Aquanow, to expand its stablecoin settlement capabilities in Central and Eastern Europe, the Middle East, and Africa. The move was announced by Aquanow on November 26.

A New Partnership To Expand Stablecoin Settlements

Aquanow is a global digital assets platform that specializes in liquidity and infrastructure solutions. According to its announcement, the integration of Aquanow’s digital asset infrastructure with Visa’s world-class technology stack is expected to enable Visa’s network of issuers and acquirers to settle transactions using approved stablecoins, like Tether (USDT).

The move will also significantly reduce costs, operational friction, and time required to complete the settlements.

Aquanow noted that there is strong demand for faster and more cost-effective cross-border transactions among financial institutions. This is why Visa is leveraging stablecoins, seeking to digitize the backend of money movement, and support 365-day settlement, as cryptocurrencies – including stablecoins – are borderless, and are not affected by weekends, holidays, and the like.

Visa was one of the first major payment networks to settle transactions in stablecoins back in 2023, when it introduced the ability for its clients to fulfill their settlement obligations using USD Coin (USDC) – the crypto industry’s second-largest stablecoin.

To date, monthly volume has exceeded $2.5 billion annualized run rate, as noted by the announcement.

The Partnership Is A Key Step In Modernizing Payments

Commenting on the partnership, Visa’s Head of Product and Solutions for CEMEA, Godfrey Sullivan, stated: “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.”

He further added that the partnership with Aquanow is a 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.

Meanwhile, Aquanow’s CEO, Phil Sham, stated that Visa offers a reliable global network that 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,” Sham concluded.

Separately, Visa has also worked with Wirex on the introduction of stablecoin settlements on the Stellar blockchain. The go-live rollout, in partnership with the Stellar Development Foundation, will allow on-chain settlement of card payments using both the USDC and EURC.