Table of Contents
On September 23, 2026, Reap and Visa announced a strategic collaboration to bring stablecoin-linked Visa credit card programs to 100+ markets globally, expanding Reap's issuing beyond Asia and Latin America into EMEA and Africa.
The release, issued by Visa Worldwide Pte Ltd via PR Newswire at 10:26 CST on September 23, 2026, also positions Reap as the first Asia fintech to partner with Visa for global stablecoin credit card issuing at scale.
Stablecoin Insider maps the named numbers, the settlement angle, and what card-program operators should watch next.
Key Takeaways
- Reap and Visa will take stablecoin-linked Visa credit cards to 100+ markets, adding EMEA and Africa.
- Artemis Research: stablecoin-linked card programs ~106% CAGR vs ~5% for P2P payments.
- Visa: $20B annual run-rate global stablecoin settlement, up 15x YoY; 160+ stablecoin card programs.
- Spend reaches 175M+ Visa merchant locations; use cases include collateral, repayment, and B2B treasury.
- Named downside: local licensing still gates launch; Kraken/Payward's Reap deal remains pending H2 2026.
What Reap and Visa announced on September 23
According to the PR Newswire release, partners can launch and scale through Reap's Visa credit card issuing infrastructure, which covers network authorization, card processing, compliance frameworks, and operations.
Geographically, the collaboration moves Reap beyond Asia and Latin America into EMEA and Africa. Reap is also described as the first fintech in Asia to partner with Visa for global stablecoin credit card issuing at scale.
Reap's own card issuing product page already positions the company as a Visa Principal Issuer in Hong Kong and Mexico with embedded and business-account card rails. This announcement is the network-scale expansion story on top of that base.
Why the growth numbers matter
The release cites Artemis Research: stablecoin-linked card programs are growing at about a 106% CAGR, versus about 5% for peer-to-peer payments. That gap is the operator thesis Visa and Reap are selling: cards are where stablecoin balances become everyday spend.
Visa's own figures in the same release: a $20 billion annual run rate of global stablecoin settlement volume, up 15x year over year, with more than 160 stablecoin card programs globally. Cardholders can spend at 175M+ Visa-accepting merchant locations.
Stablecoin Insider previously covered Visa's settlement scale in Visa's $20B stablecoin settlement briefing. Today's Reap deal is the Asia-origin issuer expansion that plugs into that same settlement story.
| Metric (as of Sept 23, 2026 PR) | Figure | Source |
|---|---|---|
| Markets for Reap+Visa stablecoin card programs | 100+ | PR Newswire / Visa |
| Stablecoin-linked card program CAGR | ~106% | Artemis Research (via PR) |
| P2P payments CAGR (benchmark) | ~5% | Artemis Research (via PR) |
| Visa global stablecoin settlement run rate | $20B annual | Visa (via PR) |
| Settlement volume vs prior year | 15x YoY | Visa (via PR) |
| Stablecoin card programs on Visa | 160+ | Visa (via PR) |
| Visa merchant acceptance | 175M+ | Visa (via PR) |
Use cases: collateral, repayment, treasury, embedded B2B
Through Reap's infrastructure, fintechs, businesses, and platforms can offer credit card programs where stablecoins fund and manage spending. The PR lists three operator paths:
- Corporate treasury and cross-border spend: fund cards with stablecoins and manage cross-border expenses.
- Global payouts and vendor spend: platforms support business payments and payouts through a card experience.
- Embedded finance for B2B platforms: branded programs with stablecoin funding and repayment inside existing products.
Partners can use stablecoins as collateral, let cardholders repay balances in stablecoins, and keep compliance and program management inside the same stack.
Settlement: APAC partner, 24/7 rails, less pre-funding
Reap is already a partner for Visa's stablecoin settlement program in Asia Pacific, settling payment obligations with Visa directly in stablecoins. The PR says that unlocks settlement over a blockchain beyond traditional banking hours and weekend delays.
For issuers, the liquidity claim is concrete: less need to hold large pre-funded balances. That is the same settlement narrative Stablecoin Insider has tracked on Visa's $20B run-rate disclosures.
Reap also plans multicurrency stablecoin card capability so programs can support additional currencies and stablecoin funding/settlement options. The release further says Visa and Reap will explore new pathways, including agentic commerce where trusted AI agents execute authenticated payments inside user-defined parameters.
How this sits next to Marqeta, BVNK, and Kraken
On the Mastercard side of stablecoin-backed cards, Stablecoin Insider has covered Marqeta tapping BVNK and the broader BVNK–Marqeta partnership, plus the operator how-to How to issue a BVNK USDC card. Reap+Visa is the parallel Visa-rail headline from Asia.
Separately, in May 2026 Stablecoin Insider reported Payward/Kraken agreeing to acquire Reap for up to $600M, expected to close in H2 2026. As of this September 23 announcement, Reap is still operating and announcing under the Reap brand; treat the acquisition as pending, not closed.
Quotes from Reap and Visa Asia Pacific
Daren Guo, Co-Founder of Reap, said Visa is building the stablecoin card category with Reap in what he called a landmark collaboration from Asia Pacific, and that the real unlock is a compliant infrastructure pathway for companies to issue cards and scale through a single partnership.
Stephen Karpin, President, Visa Asia Pacific, said stablecoin-linked card programs are entering a new stage of scale and adoption, and that Visa is partnering with innovators like Reap to bring trusted payment infrastructure to more markets and use cases.
Those quotes matter for operators because they frame the deal as go-to-market distribution plus compliance packaging, not only a BIN sponsorship press line.
What operators should do Monday
If you already issue or plan to issue stablecoin-linked cards, treat September 23 as a coverage and settlement checklist day.
- Map which of the 100+ markets you actually need live in the next two quarters versus logo geography.
- Ask whether your program uses Reap for issuing only, for Visa APAC stablecoin settlement, or both.
- Stress-test pre-funding assumptions against 24/7 blockchain settlement claims in the PR.
- Separate Visa-rail options (Reap) from Mastercard-rail options (for example Marqeta/BVNK) in your vendor matrix.
- Track the pending Payward/Kraken acquisition timeline so contract counterparties stay clear.
None of that requires buying a token. It is program design: acceptance, settlement hours, collateral, repayment asset, and local license packs.
FAQ
What did Reap and Visa announce on September 23, 2026?
They announced a strategic collaboration to bring stablecoin-linked Visa credit card programs to over 100 markets globally, expanding Reap's Visa issuing into EMEA and Africa beyond Asia and Latin America.
How fast are stablecoin-linked card programs growing?
According to Artemis Research as cited in the Visa/Reap PR, stablecoin-linked card programs are growing at about a 106% CAGR, compared with about 5% for peer-to-peer payments.
What stablecoin settlement figures did Visa disclose?
Visa cited a $20 billion annual run rate of global stablecoin settlement volume, up 15x year over year, with more than 160 stablecoin card programs globally and spend at 175M+ Visa merchant locations.
Can cardholders repay or collateralize with stablecoins?
Yes. The PR says partners can use stablecoins as collateral, enable repayment in stablecoins, and support corporate treasury and cross-border spend, plus embedded B2B card programs.
Is Reap still independent after the Kraken deal news?
Payward/Kraken's announced acquisition of Reap (up to $600M, expected H2 2026) was still pending as of this September 23 release. Reap announced today's Visa expansion under the Reap brand.
Does this create a new Visa stablecoin?
No. The announcement is about Visa credit card programs linked to stablecoins and Visa's existing stablecoin settlement pathways with partners such as Reap, not a new Visa-issued dollar token.
Building a stablecoin card program? Start with settlement math, local licensing, and which network rail (Visa vs Mastercard) your partners already clear.
This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, or tax advice; no material herein should be interpreted as a recommendation, endorsement, or solicitation to buy or sell any financial instrument, and readers should conduct their own independent research or consult a qualified professional.
Primary sources: PR Newswire / Visa Worldwide Pte Ltd (23 Sep 2026); reap.global / Reap card issuing; Visa.com. Secondary wire: TradingView news summary.
