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Reap, a fintech company under Kraken parent Payward, plans to expand the use of non-dollar stablecoins such as the Mexican peso, South Korean won and Japanese yen to build a 24-hour foreign exchange settlement network.
Reap, a global payments partner of Visa, aims to move beyond the stablecoin market’s current 99% dollar dominance and offer cross-border remittance and treasury settlement services using local-currency tokens outside bank operating hours. The company’s plan is to sharply reduce cross-border remittance fees, which can reach as high as 7%, as well as settlement delays. Reap holds VPIM licenses in Hong Kong and Mexico, making a peso-denominated token the first practical addition. Reap did not specify a launch schedule or preliminary issuers, but added it is also considering Hong Kong dollar, euro, won and yen stablecoins to support round-the-clock on-chain FX trading.