DUBAI — In a move designed to modernize financial infrastructure across emerging markets, global payments giant Visa has announced a strategic partnership with cryptocurrency infrastructure provider Aquanow. The collaboration aims to expand Visa’s stablecoin settlement capabilities across Central and Eastern Europe, the Middle East, and Africa (CEMEA).
Modernizing Payment Rails The integration will allow Visa’s network of acquirers and issuers in the CEMEA region to settle transactions using approved stablecoins, such as USD Coin (USDC). By leveraging blockchain technology, the initiative seeks to bypass the limitations of traditional banking legacy systems.
The primary advantage of this integration is the introduction of 365-day settlement capabilities. Traditional banking rails often face delays during weekends and public holidays, creating friction in cross-border money movement. The new system allows for settlements to occur continuously, ensuring liquidity and speed for financial institutions.
“Our partnership with Aquanow is another 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,” said Godfrey Sullivan, Visa’s head of product and solutions for CEMEA.
Visa’s Growing Crypto Footprint This partnership marks another milestone in Visa’s broader digital asset strategy. The company first piloted USDC settlements in 2023, becoming one of the first major payment networks to integrate stablecoins into its core treasury operations.
According to recent comments from Visa CEO Ryan McInerney, the company’s stablecoin settlement volume has already scaled to an annualized run rate of $2.5 billion. McInerney also indicated plans to support additional stablecoins across four different blockchains in the near future.
Regulatory Compliance and Regional Focus Aquanow, a digital asset infrastructure firm, has been steadily expanding its presence in the Middle East. In February of last year, the company secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), a critical step for operating within the region’s compliant-focused frameworks.
Phil Sham, CEO of Aquanow, highlighted the synergy between Visa’s reach and blockchain efficiency. “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 stated.
The partnership follows Aquanow’s recent collaboration with Zodia Custody, a firm backed by Standard Chartered, further solidifying the infrastructure required for institutional crypto adoption in the Gulf region.
