Crypto exchange Kraken’s parent company, Payward, has announced a definitive agreement to acquire stablecoin-powered global payments platform, Reap Technologies Holdings, in a deal valued at up to $600 million, marking another expansion of its stablecoin and global payments strategy.
According to the official announcement, the transaction will be paid through a mix of cash and Payward stock and values the company’s equity at approximately $20 billion.
The acquisition is expected to strengthen Payward Services, the company’s B2B financial infrastructure platform, by adding stablecoin-native card issuance and cross-border payment capabilities.
Expanding stablecoin payment infrastructure
Reap is known for building infrastructure that connects traditional financial systems with digital assets through a unified API-based platform.
Its services include corporate card issuance, cross-border payment rails, stablecoin settlement infrastructure, treasury management solutions, and crypto-integrated payment systems.
By integrating Reap into its ecosystem, Payward aims to offer businesses a single platform for crypto trading, custody, tokenized assets, stablecoin payments, on/off ramps, and card services.
The company stated that the move eliminates the need for businesses to manage multiple fragmented payment providers.
Stablecoin card payments gain momentum
According to Payward Co-CEO Arjun Sethi, the company sees stablecoins becoming the foundation of future global finance. “Finance is moving in one direction. Continuous markets. Programmable money. Autonomous execution,” Sethi said. “Stablecoins are the settlement substrate. AI agents are the new participants.”
Reap CEO Daren Guo said the stablecoin card and payment sector has already grown into an industry exceeding $18 billion annually.
“Stablecoins in card payments are one of the largest real-world applications today, and Reap is proud to be leading the way,” Daren Guo said.
According to the company, Reap nearly tripled its revenue and transaction volumes in 2025 while expanding its regulatory footprint from Asia into South America.
The platform combines card networks, traditional payment rails, and blockchain settlement infrastructure into a unified payments stack.
Global regulatory expansion
Reap’s licenses across Asia-Pacific and Latin America are expected to accelerate Payward’s international growth, while Payward’s existing regulatory infrastructure in Europe and the United States opens new expansion opportunities for Reap.
Together, both firms aim to expand stablecoin-powered payment services across Europe, Asia-Pacific, Latin America, and MENA markets.
Reap will continue operating as a standalone platform within the Payward ecosystem while maintaining its existing leadership team and brand identity.
Multi-rail financial expansion
The acquisition follows Payward’s broader expansion strategy across regulated crypto infrastructure. Previously, in April, Kraken’s parent company Payward agreed to acquire Bitnomial in a $550 million deal, signaling a stronger push into regulated crypto derivatives as consolidation accelerated across the sector.
The company has also expanded through acquisitions involving NinjaTrader and Backed, as it continues building a global multi-rail financial ecosystem.
Further move to mainstream finance
The acquisition reflects the growing role of stablecoins in global payments, treasury operations, and institutional finance.
As companies increasingly adopt blockchain-based settlement systems, firms are racing to build infrastructure capable of supporting always-on global financial services.
The deal highlights how stablecoin infrastructure is rapidly evolving from a niche crypto use case into a core component of modern payment networks.
Also read: Mastercard Expands Stablecoin Push With Yellow Card Deal
