Global payments leader Visa has teamed up with digital assets company Aquanow to extend stablecoin settlement capabilities across Central and Eastern Europe, the Middle East, and Africa (CEMEA).
According to Techcabal, this collaboration enables Visa’s network of issuers and acquirers in the region to settle transactions using stablecoins, specifically USD Coin (USDC), rather than relying exclusively on traditional banking systems.
By combining Aquanow’s digital assets infrastructure with Visa’s established technology stack, banks can transfer funds via blockchain instead of conventional fiat wire transfers, supporting settlements every day of the year.
“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, Visa’s Head of Product and Solutions for CEMEA.
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Although card payments at a point of sale appear instantaneous, the actual transfer of funds between banks can take several days due to dependence on legacy correspondent banking networks.
Through its partnership with Aquanow, Visa introduces a digital alternative in which fiat currency is converted into stablecoins, eliminating multiple intermediaries, lowering costs, and shortening settlement times.
Visa first piloted USDC settlements in 2023 and is now expanding this service to the CEMEA region.
The company reports rising demand from financial institutions for faster, more cost-efficient cross-border transactions.
According to Visa, its stablecoin rails have processed over $2.5 billion in annualized settlement volume, highlighting the growing role of stablecoins as critical financial infrastructure.
“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,” said Phil Sham, CEO of Aquanow.
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Image Credit: TechCabal
