“Can a stablecoin-native card issuer become the default fiat-crypto rail for global businesses?”
Founded 2018 in Hong Kong as a corporate credit card issuer, Reap became the world's first crypto-collateralized credit card provider — USD/HKD Visa cards backed by stablecoin collateral. The company has since pivoted to position itself as stablecoin-native financial infrastructure, bridging on-chain treasury to Visa rails. As a Visa Principal Issuer in Hong Kong and Mexico, Reap now offers embedded card issuing, cross-border stablecoin-to-fiat bill pay, and an agentic payments product for AI-driven checkout.
Reap discloses Reap (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Reap does not disclose a bank charter of its own; its banking services are provided through Reap (in-house).
Reap processes payments through Reap Payments (self-operated).
Reap's cards are issued through Reap (in-house) on the Visa network.
Reap uses Chainalysis for KYC and identity verification.
Reap's lending and capital products are provided by Reap (in-house).
Reap uses Reap (in-house) for FX and cross-border payouts.
Reap's crypto products run on Reap (in-house).
Reap integrates with Xero.
The Embedded Finance Index 2026 maps 10 layers in Reap's stack: Payments / PSP (Reap Payments (self-operated)); Banking / BaaS (Reap (in-house)); Card issuing (Reap (in-house)); Card network (Visa); Lending (Reap (in-house) and Reap Cards (stablecoin-collateralized credit line, 1:1 collateral ratio)); KYC (Chainalysis); FX & payouts (Reap (in-house)); Crypto (Reap (in-house)); Accounting (Xero); Spend / AP (Reap (in-house)).
Reap is founded in 2018 and headquartered in Hong Kong.
Get a read on where your own stack stands against Reap and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.