Visa has announced its partnership with Aquanow, a global digital assets platform, in order to enable faster settlement through the use of stablecoins.
Following this announcement, this initiative will focus on the expansion of Visa’s stablecoin settlement capabilities across the Central and Eastern Europe, Middle East, and Africa region (CEMEA) through the newly announced partnership with Aquanow.
Furthermore, the integration of Aquanow’s digital asset infrastructure with Visa’s technology stack is expected to enable the latter’s network of issuers and acquirers to settle transactions while leveraging approved stablecoins such as USDC, as well as reducing costs, operational friction, and settlement times.
Enabling safer and faster settlement through the use of stablecoins
According to the official press release, with the overall strong demand among financial institutions for faster and more cost-effective cross-border transactions, the partnership will enable Visa to focus on leveraging stablecoins to digitise the backend of money movement, supporting 365-day settlement. At the same time, through the process of utilising the benefits of stablecoins and pairing them with trusted global technology, the initiative is set to enable financial institutions in CEMEA to experience faster, safer, and simpler settlements.
In addition, the partnership with Aquanow is another important step in the process of modernising the back-end rails of payments, while also reducing reliance on traditional systems with multiple intermediaries, and preparing institutions and organisations for the future of money movement.
Together, Visa and Aquanow are expected to unlock new ways for institutions to participate in the overall digital economy, while also leveraging stablecoin technology in order to settle with the speed and transparency of the internet. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
