Payward-Backed Reap Pursues Non-USD Stablecoins for Cross-Border FX Settlement

WHY IT MATTERS

When you send money to another country, it usually goes through several banks, can take days, and often costs significant fees — especially if you are converting between two currencies that are not the US dollar. Stablecoins are cryptocurrencies designed to hold a steady value by being pegged to a traditional currency, like the dollar or the euro. Most stablecoins today are tied to the US dollar, which means converting between, say, Japanese yen and Brazilian real still requires going through the dollar as a middleman. Reap's approach of using stablecoins pegged to local currencies could, in theory, simplify this process — similar to how a direct flight is simpler than one with a layover. Because blockchains operate 24/7, unlike traditional banks, these transactions could potentially happen at any time rather than only during business hours.