Reap, a fintech company under Kraken's parent company Payward, is expanding the adoption of non-dollar stablecoins such as Mexican Peso, Korean Won, and Japanese Yen to build a 24-hour foreign exchange network. Reap, a global payment partner of Visa, plans to move away from the current dollar-centric stablecoin market, which accounts for 99%, and provide cross-border remittance and treasury settlement services outside banking hours using local currency tokens. The aim is to significantly reduce cross-border remittance fees, which can be up to 7%, and settlement delays. Reap holds VPIM licenses in Hong Kong and Mexico, making Peso tokens the first practical addition. While Reap did not specify a launch schedule or potential issuers, it added that it is also considering Hong Kong Dollar, Euro, Korean Won, and Japanese Yen stablecoins to support 24-hour on-chain foreign exchange transactions.
