Why Payward-backed Reap is betting on non-USD stablecoins for 24/7 cross-border FX settlement
Reap is preparing to add a Mexican peso stablecoin and is exploring Hong Kong dollar, euro, won and yen tokens for foreign exchange outside banking hours.
Source: CoinDesk
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DW NOTE
Reap's bet on non-USD stablecoins assumes banking hours are the bottleneck. They're not — counterparty risk is. A Mexican peso token settles instantly, but it still converts to fiat at a spread set by whoever holds the reserves. The only question that matters: who holds those reserves, what do they hold them in, and what happens when Mexico's central bank devalues again?