Kraken parent Payward to acquire Reap in $600M deal to expand stablecoin payments infrastructure

Payward has agreed to acquire Reap for up to $600 million, as the firm pushes deeper into global payments and stablecoin-based financial services. The deal, which values Payward at $20 billion, remains subject to regulatory approval and is expected to close in the second half of 2026. Kraken expands beyond trading into payments Payward, the parent company of Kraken, continues to expand beyond its core trading business. The company now targets a broader role in financial infrastructure. Reap brings card issuance, cross-border payments, and stablecoin treasury tools into Payward's existing platform. The integration will allow partners to build financial products through a single system instead of combining multiple vendors. This move positions Payward as a direct competitor to both crypto-native platforms and traditional payment providers. Stablecoins move into real-world payment use The acquisition highlights a growing shift toward stablecoins as payment rails. Businesses now use stablecoins for cross-border transfers, treasury management, and settlement. Reap's platform connects traditional banking rails, card networks, and blockchain systems through a unified API. This setup enables faster payments and improves transparency across jurisdictions. Payward plans to combine this with its trading, custody, and liquidity infrastructure to support always-on financial services. Global regulatory reach strengthens strategy The deal also expands Payward's regulatory footprint. Reap holds licenses across Asia and Latin America, while Payward operates in the United States and Europe. Together, the companies can offer payment and financial services across multiple regions without relying on fragmented compliance setups. This broader coverage supports Payward's push into emerging markets where demand for stablecoin payments continues to grow. Competition in crypto payments intensifies The acquisition signals rising competition in the crypto payments sector. Exchanges now move beyond trading and compete in infrastructure, payments, and financial services. By integrating payments directly into its platform, Payward aims to capture enterprise clients and developers building on stablecoin-based systems. Final Summary Payward plans to acquire Reap in a $600M deal to expand its stablecoin payments and global financial infrastructure. The move shows how crypto firms are shifting beyond trading to compete in payments and enterprise financial services.