Visa has announced an expansion of its stablecoin utilization for settlements across Central and Eastern Europe, the Middle East, and Africa.
The objective of this collaboration is to process transactions utilizing the USDC stablecoin.
Visa revealed the broadening of its stablecoin settlement program to encompass the Middle East, Africa, and Central and Eastern Europe (CEMEA). Aquanow, a firm specializing in crypto infrastructure development, has been brought on board as a new partner.
This new alliance will enable financial institutions and payment providers within the CEMEA territories to leverage stablecoins, such as USDC, to conduct financial transfers that are both quicker and more cost-effective. Godfrey Sullivan, Visa’s Head of Products and Solutions for the CEMEA region, commented:
“Our collaboration with Aquanow marks another significant milestone in updating domestic payment processes, lessening reliance on conventional systems burdened with numerous intermediaries, and preparing entities for the future of money movement.”
Aquanow’s CEO, Phil Sham, emphasized that Visa’s network has already been facilitating secure money transfers for many years. Now, both firms are empowering financial entities with novel avenues to engage in the digital economy and execute real-time settlements.
Aquanow’s Role
Aquanow supplies the essential infrastructure and liquidity for digital assets. The company operates under regulatory oversight in Dubai and manages substantial monthly volumes of cryptocurrency transactions.
This expansion signals escalating interest among institutional players in blockchain-based settlements. Nevertheless, experts caution about the inherent risks associated with stablecoins, specifically volatility and limited investor safeguards.
Advocates for the technology maintain that these settlement mechanisms minimize intermediaries and offer greater transparency when contrasted with established payment frameworks.
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