Payward-Backed Reap Bets on Non-USD Stablecoins for 24/7 Cross-Border FX Settlement

Reap, a payments technology company backed by Payward (the parent company of crypto exchange Kraken), is making a strategic bet on non-USD stablecoins to power 24/7 cross-border foreign exchange (FX) settlement. The move signals growing confidence in stablecoins beyond the dominant US dollar-pegged tokens, as businesses seek faster, cheaper, and always-on settlement rails for international payments. Reap's approach leverages stablecoins issued in currencies other than the US dollar to facilitate real-time FX settlement across borders, bypassing traditional banking hours and correspondent banking delays. This enables merchants and enterprises to settle transactions around the clock, including weekends and holidays, which is a significant advantage over legacy FX infrastructure. The Payward-backed firm is positioning itself within the broader trend of stablecoin adoption for cross-border payments, where tokens such as USDT, USDC, and emerging non-USD stablecoins are increasingly used to reduce friction and costs. While USD-pegged stablecoins dominate trading volumes, non-USD stablecoins offer localized hedging and settlement benefits for regions dealing with currency volatility. Industry observers note that the shift toward non-USD stablecoins could reshape FX markets by providing alternative liquidity pools and reducing reliance on traditional intermediaries. However, regulatory clarity and liquidity depth remain key challenges for broader adoption. Reap's bet aligns with Payward's expanding footprint in the crypto and payments ecosystem, as the company continues to invest in infrastructure that bridges traditional finance and digital assets. The development underscores the maturing role of stablecoins in global commerce, particularly for 24/7 settlement use cases that traditional systems struggle to support.