Visa partner Reap plans Mexican peso stablecoin launch for round-the-clock FX settlement - CoinDesk

Reap, a payments platform that works with Visa, has announced plans to launch a stablecoin pegged to the Mexican peso, aimed at supporting round-the-clock foreign exchange settlement. According to CoinDesk, the initiative is designed to let businesses move value between currencies outside traditional banking hours, when conventional FX rails are typically closed.

The development matters because cross-border payments have long depended on correspondent banking networks that operate on limited schedules and can take days to settle. A peso-denominated stablecoin could offer a complementary channel for firms that need faster, continuous access to peso liquidity — particularly in corridors tied to remittances and trade between Mexico and its major partners. Mexico is already one of the largest remittance markets globally, which makes its currency a natural candidate for tokenized settlement experiments.

What to watch: whether Reap secures the licensing and banking relationships needed to issue and redeem the token at scale, and whether merchants and payment providers actually adopt it. Regulatory treatment of peso-backed tokens in Mexico will also shape how widely the model can spread.