Visa taps Aquanow to expand stablecoin settlement across Europe, Middle East, and Africa

Payments giant Visa last week announced a new partnership with cryptocurrency infrastructure provider Aquanow to expand its stablecoin settlement services across Central and Eastern Europe, the Middle East, and Africa (CEMEA).

The integration will enable Visa's network of issuers and acquirers across the region to settle transactions using approved stablecoins such as USDC, according to an announcement from the companies. The service supports 365-day settlement, eliminating the weekend and holiday delays associated with traditional banking rails. 

"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, head of product and solutions for CEMEA at Visa.

Visa first became one of the first major payment networks to settle transactions in stablecoins when it piloted USDC settlements in 2023. The company's stablecoin settlement volume has since scaled to a $2.5 billion annualized run rate, according to CEO Ryan McInerney's comments on the company's most recent earnings call. McInerney said in October that the firm plans to soon add support for four stablecoins across four unique blockchains. 

The partnership builds on Aquanow's existing footprint in the region. The Block previously reported that Aquanow partnered with Standard Chartered-backed Zodia Custody in Aug. 2024 to support its expansion across the UAE and Gulf Cooperation Council region. The company also secured a Virtual Asset Service Provider license from Dubai's Virtual Asset Regulatory Authority in February of last year.

"Visa's reliable global network has long moved money securely and efficiently," said Phil Sham, CEO of Aquanow. "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."