Summary
Reap is a Hong Kong-based stablecoin-native card issuing and payments infrastructure company with licenses in Hong Kong, Mexico, and Singapore, and Visa Principal Issuer status. It processes billions in stablecoin-funded transaction flows. Its products include corporate Visa credit cards backed by stablecoin collateral, cross-border payments, card issuing APIs, and agentic payments for AI. Payward's OCC national trust bank charter application (filed May 2026) is still pending. The Reap deal is priced at up to $600M pending earn-outs.
Key Points
- Reap HQ: Hong Kong; 300 employees globally; licensed in Hong Kong, Mexico, Singapore
- Visa Principal Issuer in both Hong Kong and Mexico
- Products: Corporate Cards (USD/HKD Visa backed by stablecoin collateral), cross-border payments, Card Issuing API, Payment API, Agentic Payments
- 2025: processed billions in stablecoin-funded transaction flows
- Payward OCC national trust bank charter: filed May 2026, still awaiting response
- Payward total equity: $20B post-acquisition
- Reap operates as standalone brand under Payward; leadership (Daren Guo, co-founder) retained
- Advisors: PJT Partners (Payward), CRB Securities + Goldman Sachs Asia (Reap)
- Coin Bureau: "Without Reap and the charter, it's mostly just a crypto infrastructure business. Add both, and it becomes an institutional financial infrastructure provider"