Visa is expanding stablecoin settlement capabilities in Europe and the Middle East through a partnership with Vancouver-based financial technology upstart Aquanow, the organizations recently revealed.
The integration of Aquanow’s digital asset infrastructure with Visa’s technology stack will enable issuers and acquirers to settle transactions using approved stablecoins such as USDC, according to a statement from the firms, potentially reducing costs and settlement times.
“By harnessing the power of stablecoins and pairing them with our trusted global technology, we are enabling financial institutions … to experience faster and simpler settlements,” stated Godfrey Sullivan, a regional Head of Product and Solutions at Visa.
Sullivan cites demand among financial institutions for faster and more cost-effective cross-border transactions, and noted how in 2023 Visa became one of the first major payments networks to settle transactions in stablecoin when it piloted enabling clients to fulfill their settlement obligations in USDC.
“Visa’s reliable global network has long moved money securely and efficiently,” says Phil Sham, chief executive officer 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,” the CEO said.
The “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,” according to Sullivan.
B.C.-born Aquanow has been collaborating with partners and advancing its position overseas for some time. Aquanow first opened offices in Dubai in Turkey in 2022.
Established in 2018, Aquanow today employs over 170 team members across offices worldwide and is one of Canada’s fastest growing technology companies.
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