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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN CARD

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Stablecoin card issuer · Anatomy of a Stablecoin Card

Reap

A Hong Kong card issuer and Visa member in Hong Kong and Mexico. Its cards are credit cards secured one to one by stablecoin or cash collateral that Reap holds.

Company
Reap, owned by Payward (Kraken)
Network
Visa principal (HK, Mexico)
Card volume
Not on PaymentScan yet
Founded
2018
Licensed as
Hong Kong company with a Money Service Operator license for remittances. In Mexico it holds a money transmitter registration and anti money laundering registrations for credit card issuing and virtual assets (2026). Singapore Major Payment Institution license from MAS (Oct 2025). Owned by Payward, the parent of Kraken, since Jul 1, 2026.
BINs and regions
Own Visa credit BINs in Hong Kong and, since May 2026, Mexico. Cards in USD or HKD, usable in 100+ markets. A Sep 2026 Visa deal aims to issue in 100+ markets.
Card types
Secured credit cards, corporate and consumer programs, virtual and physical. Reap chose credit over debit and prepaid.
How programs fund it
USDC, USDT or cash posted one to one into a collateral account held by Reap, repaid monthly. Chains: Ethereum, Solana, Polygon, Tron.
Pays the network
Settles with Visa daily, and in stablecoins through Visa's Asia Pacific program.
Card volume
PaymentScan has no data yet. Reap says 2M+ cards issued. A Solana Foundation interview with its CEO puts stablecoin card volume at about $6B a year (Aug 2026).
Programs it powers
KAST, RedotPay, Keytom, Tevau, Stables and others.
Pros
Own Visa membership in two countries, no sponsor bank; two card currencies; credit BINs, which earn more interchange than prepaid.
Cons
Collateral is held by Reap, not in the user's wallet; Visa only; volume is self reported and not tracked onchain yet; ownership changed in 2026.
Rules
As a Visa principal Reap answers for its BINs in Hong Kong and Mexico. Credit cards add lending rules on top of card network rules.

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Public information as of September 2026, simplified. Not legal or investment advice. Open the full stablecoin cards world.

Sources291Created by Andres Lamothe