Visa Inc. (V) announced Thursday it's teaming up with Aquanow to bring stablecoin settlement capabilities to Central and Eastern Europe, the Middle East, and Africa. If you're wondering why a payments giant is getting cozy with crypto infrastructure, the answer is pretty straightforward: money moves faster when you cut out the middlemen.
The partnership integrates Aquanow's digital asset infrastructure with Visa's existing technology stack, letting issuers and acquirers on Visa's network settle transactions using approved stablecoins like USDC. The pitch here is lower costs, less operational headache, and quicker settlement times compared to traditional cross-border payment systems that ping-pong through multiple intermediaries.
Financial institutions have been clamoring for faster, cheaper ways to move money across borders, and Visa is betting that stablecoins can modernize the backend plumbing of payments. By leveraging stablecoins, Visa can offer 365-day settlement, which beats the pants off traditional banking rails that shut down on weekends and holidays.
Godfrey Sullivan, Head of Product and Solutions for CEMEA at Visa, put it this way: "Our partnership with Aquanow is another key step in modernizing the backend rails of payments, reducing reliance on traditional systems with multiple intermediaries, and preparing institutions for the future of money movement."
