Visa has announced a strategic partnership with cryptocurrency infrastructure provider Aquanow to expand stablecoin settlement services across Europe, the Middle East, and Africa (EMEA). This collaboration aims to modernize payment systems by reducing reliance on traditional banking networks and enhancing transaction efficiency through the use of stablecoins like USDC.
The integration will enable Visa's issuers and acquirers in the region to settle transactions using approved stablecoins, with a focus on USDC, which operates predominantly on the Ethereum blockchain. The service supports 365-day settlement operations, eliminating weekend and holiday delays associated with conventional banking rails. According to Visa, the company's annualized stablecoin settlement volume has scaled to a $2.5 billion run rate, underscoring strong institutional interest.
Key leaders involved include Godfrey Sullivan, head of product and solutions for CEMEA at Visa, who stated, "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." Phil Sham, CEO of Aquanow, added, "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."
This move builds on Visa's earlier pilot of USDC settlements in 2023 and signals a broader shift toward digital payment solutions. The partnership is expected to accelerate settlement times, reduce operational costs, and improve liquidity for businesses and financial institutions in emerging markets.
