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Visa and Aquanow Collaborate to Revolutionize Stablecoin Settlements in CEMEA
Visa, a global leader in payment solutions, has joined forces with Aquanow, an international digital asset platform, to enhance stablecoin-based settlement services across Central and Eastern Europe, the Middle East, and Africa (CEMEA).
Transforming Payment Settlements with Blockchain Technology
This strategic alliance enables Visa’s extensive network of issuers and acquirers in the CEMEA region to settle transactions using stablecoins, particularly USD Coin (USDC), rather than depending solely on conventional banking systems. By integrating Aquanow’s blockchain infrastructure with Visa’s established payment technology, financial institutions can now execute fund transfers on a blockchain network, bypassing traditional fiat wire transfers. This innovation supports continuous, year-round settlement operations, enhancing efficiency and reliability.
Accelerating Cross-Border Transactions and Reducing Costs
Although card payments appear instantaneous to consumers, the backend process involving interbank fund transfers often takes several days due to outdated correspondent banking frameworks. The Visa-Aquanow partnership introduces a digital mechanism where fiat currencies are tokenized into stablecoins, eliminating multiple intermediaries, lowering transaction fees, and significantly shortening settlement durations.
Expanding Stablecoin Adoption Amid Growing Demand
Following a successful pilot of USDC settlements in 2023, Visa is now scaling this service throughout the CEMEA region. The company reports a sharp increase in demand from financial institutions seeking faster, more affordable cross-border payment solutions. Visa’s stablecoin infrastructure has already facilitated over $2.5 billion in annualized settlement volume, underscoring the rising importance of stablecoins as foundational payment infrastructure.
Unlocking New Opportunities in the Digital Economy
“Visa’s trusted global network has consistently delivered secure and efficient money movement. Our collaboration with Aquanow is opening new avenues for financial institutions to engage with the digital economy,” stated Phil Sham, CEO of Aquanow.
Godfrey Sullivan, Visa’s Head of Product and Solutions for CEMEA, added, “Leveraging stablecoins alongside our proven technology empowers banks in the region to achieve faster, more streamlined settlements.”
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