Kraken Parent Payward Buys Reap Technologies for $600M to Build Stablecoin Payment Rails

Payward Locks in $600M Reap Acquisition as Stablecoin Card Market Tops $18 Billion

The transaction adds card issuance and stablecoin-powered cross-border payment infrastructure to Payward Services, the company’s B2B platform. Payward Services currently gives partners a single integration point for crypto trading, custody, tokenized assets, on/off-ramps, and derivatives. Reap extends that into global cards and payments.

Reap has built a platform that connects traditional financial rails, including card networks and banking systems, with stablecoin settlement via a single API. The company supports corporate card issuing, cross-border payouts, and treasury management for businesses operating across Asia, South America, and other regions.

Arjun Sethi, Co-CEO of Payward, described stablecoins as the “settlement substrate” for a financial system moving toward programmable money and autonomous execution. He pointed to several milestones on Payward’s platform, including Krak launching across 110 countries on day one and xStocks crossing $29 billion in cumulative volume in its first year.

Daren Guo, Co-Founder and CEO of Reap, said the global stablecoin and crypto card market now exceeds $18 billion annually. He noted that Reap nearly tripled revenue and volumes in 2025 and expanded its licensing footprint from Asia into South America. Guo said joining Payward was a step toward connecting stablecoin cards to a full suite of crypto-native financial services.

Reap will continue operating as a standalone platform under Guo’s leadership, retaining its brand and go-to-market strategy. It will gain access to Payward’s global liquidity, custody, settlement infrastructure, and regulatory licenses in the United States and the European Union.

The deal creates a complementary regulatory footprint across multiple markets. Reap’s existing licenses in the Asia-Pacific region help Payward expand across APAC and the Americas. Payward’s EU and U.S. licenses, in turn, open corridors for Reap in Europe and American markets. Together, the two companies plan to extend stablecoin-powered payments infrastructure into high-growth markets across the Middle East, North Africa, and Latin America.

Reap is also a participant in the Global Dollar Network, connecting it further to stablecoin settlement infrastructure.

The acquisition follows Payward’s recent purchases of NinjaTrader, Bitnomial, and Backed, continuing a strategy of building out the platform through targeted, capability-focused deals. Payward operates on a shared architecture covering one global liquidity pool, one unified risk and margin engine, one collateral and settlement system, and one compliance and licensing framework.

Stablecoin adoption for business payments and treasury management has been climbing. In the release, Payward described the acquisition as part of its push to build unified financial infrastructure across trading, custody, tokenized assets, and payments.

The combined platform would let Payward Services partners embed card issuance, cross-border payments, and stablecoin treasury tools alongside the company’s existing capabilities, without assembling multiple vendors or managing separate systems.