Visa is expanding the use of stablecoins for settlement in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region through a new partnership with cryptocurrency infrastructure company Aquanow.
In a Thursday announcement, Visa stated that it is collaborating with Aquanow to "settle transactions using approved stablecoins (such as USDC), reducing costs, operational friction, and settlement times." The company noted that this move comes against a backdrop of strong demand from banks and payment companies for faster and cheaper cross-border payments.
The initiative aims to digitize the backend of fund flows using stablecoins and enable round-the-clock settlements. Godfrey Sullivan, head of products and solutions for Visa in the CEMEA region, stated that this integration will allow institutions in the region to "experience faster and simpler settlements."
He added, "Our partnership with Aquanow is another key step in modernizing payment backend infrastructure, reducing reliance on traditional systems with multiple intermediaries, and preparing for the future of fund flows for institutions."
Stablecoins were initially a convenient way for cryptocurrency users to transfer funds between exchanges, but they have since taken on the role of the dollar in the on-chain economy. Now, they are increasingly being used outside the native cryptocurrency world, including for institutional settlements and payments.
Earlier this week, market infrastructure provider Deutsche Börse announced plans to integrate the euro-pegged stablecoin EURAU issued by AllUnity. This will expand the exchange group's digital asset strategy following previous connections with Circle's Euro Coin (EURC) and Société Générale-Forge's EUR CoinVertible (EURCV).
Deutsche Börse stated that it plans to begin integrating EURAU into its institutional custody services and has committed to "integrating euro stablecoins across the entire service portfolio" in the future.
Regulators are still discussing how to classify and regulate exposure to stablecoins within the banking system.
Erik Thedéen, Governor of the Swedish Central Bank and Chair of the Basel Committee on Banking Supervision, recently acknowledged that the organization may need to take a "different approach" to the current 1250% risk weight for cryptocurrency exposure.
Additionally, Sarah Breeden, Deputy Governor of the Bank of England, indicated that she expects the UK to align with the US on stablecoin regulation, suggesting that major jurisdictions may move in sync as stablecoins become increasingly embedded in payment and settlement systems.
Related: Abu Dhabi regulator approves Ripple's RLUSD stablecoin for institutional use
Original article: “Visa Doubles Down on Stablecoins in Europe, Middle East, and Africa with New Partnership”
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