NymCard, the payments infrastructure provider for the CEMEA region, is now live with stablecoin settlement for Visa transactions in the Gulf Cooperation Council (GCC).
The milestone marks a regional first for issuers and represents a significant step toward modernizing the backend of money movement in the Middle East. By utilising USDC, NymCard can now settle card transactions with Visa through a more streamlined, digital-first rail.
Modernising the rails
The integration is designed to address several legacy friction points in traditional banking settlements. By leveraging stablecoins, the new capability supports faster, 24/7 settlement, moving away from the constraints of standard banking hours and cut-off times.
For issuers, the operational benefits are tangible. The alternative model allows for significantly lower operational costs and, crucially, reduces the capital burden associated with collateral and prefunding requirements. This frees up liquidity and creates a foundation for simpler multi-currency settlements in the future.
Omar Onsi, chief executive officer of NymCard, commented: “We are proud to be the first issuer in the GCC to enable a modern settlement capability with Visa. This milestone reflects NymCard’s focus on building the payments infrastructure of tomorrow. It reinforces our commitment to continuous innovation and bringing advanced payment capabilities to the region.”
Stablecoins at scale
The move aligns with a broader global trend where stablecoins are increasingly viewed not just as trading assets, but as essential infrastructure for efficient cross-border value transfer.
Godfrey Sullivan, head of product and solutions for CEMEA at Visa, added: “Stablecoins are redefining how value moves globally, and this milestone demonstrates Visa’s commitment to empowering financial institutions with speed, transparency, and cost efficiency, without compromising on compliance or reliability.”
NymCard, which provides the technology behind card issuing and processing for fintechs and banks across the Middle East and Africa, sees this as a pivotal moment for the region’s financial infrastructure, bridging the gap between traditional payment networks and the speed of the digital asset economy.
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