May 11, 2026
By Anjali Kochhar
Payward has entered into a definitive agreement to acquire Hong Kong-based fintech company Reap for up to $600 million in a combination of cash and Payward stock, in a move aimed at significantly expanding its business-to-business financial infrastructure and stablecoin-powered payments capabilities.
The transaction, announced on Friday, values Payward’s equity at approximately $20 billion and is expected to close in the second half of 2026, subject to customary regulatory approvals and closing conditions.
The acquisition marks another major step in Payward’s strategy to build a globally regulated financial infrastructure platform that combines traditional financial systems with digital assets. Through the deal, Reap’s stablecoin-native card issuing and cross-border payments technology will be integrated into Payward Services, the company’s B2B infrastructure platform.
Payward Services currently provides businesses with access to crypto trading, custody, tokenized assets, derivatives, and fiat on- and off-ramp services through a single integration layer. With the addition of Reap, partners will also gain access to card issuance, stablecointreasury management, and cross-border payment infrastructure without relying on multiple third-party vendors.
Reap has developed a payments and card issuing platform that connects traditional banking systems, global card networks, and blockchain-based settlement rails into a single API-driven infrastructure. Its products support corporate card issuance, payment programs, treasury services, and international payouts while using stablecoins as a core settlement mechanism.
The acquisition comes at a time when stablecoin adoption is accelerating worldwide, particularly among businesses using digital dollar-backed assets for treasury management, international settlements, and real-time payments.
“Finance is moving in one direction — continuous markets, programmable money, and autonomous execution,” said Arjun Sethi, Co-CEO of Payward. “Stablecoins are becoming the settlement substrate for the next generation of financial infrastructure. Reap gives us the payments layer needed to support that future on a global scale.”
Sethi highlighted the company’s recent growth, noting that Payward’s infrastructure currently supports 1,900 B2B partners globally. He also pointed to the expansion of Payward-linkedproducts such as Krak and xStocks, with xStocks reportedly surpassing $29 billion in cumulative trading volume during its first year.
Reap Co-Founder and CEO Daren Guo said stablecoin card payments have emerged as one of the largest real-world applications for blockchain technology. According to Guo, the global stablecoin and crypto card market now exceeds $18 billion annually.
Guo added that Reap nearly tripled its revenue and payment volumes in 2025 while expanding its licensing footprint from Asia into South America. He described the merger with Payward as a natural progression that would allow Reap to connect stablecoin payment systems with broader crypto-native financial services.
Under the agreement, Reap will continue operating as a standalone platform within the Payward ecosystem while retaining its existing leadership team, branding, and go-to-market strategy. At the same time, it will gain access to Payward’s global liquidity, custody, settlement, and compliance infrastructure.
The companies said the acquisition would create a complementary global regulatory footprint. Reap’s licenses across Asia-Pacific and the Americas are expected to accelerate Payward’s regional expansion, while Payward’s licenses in Europe and the United States will help Reap expand into Western markets. Together, the firms plan to strengthen stablecoin-powered payment infrastructure across Europe, the Middle East, Latin America, and Asia.
The Reap acquisition follows a series of capability-focused transactions by Payward, including the acquisitions of trading platform NinjaTrader, derivatives exchange Bitnomial, and tokenized asset company Backed.
PJT Partners served as financial advisor to Payward, while Jones Day acted as legal advisor. Reap was advised by CRB Securities and Goldman Sachs (Asia) L.L.C., with legal counsel provided by Latham & Watkins.
Industry observers view the acquisition as another signal that stablecoins are increasingly moving into mainstream business finance, with digital asset firms racing to build global infrastructure for cross-border payments, treasury operations, and programmable financial services.
