Reap Launches Virtual Asset Ledger to Enable Direct Bitcoin Spending via Visa Cards

Reap has launched a Virtual Asset Ledger that allows card-issuing clients to settle transactions directly against bitcoin and other virtual assets. This move eliminates the traditional requirement for pre-transaction swaps or stablecoin conversions, enabling real-time settlement at the point of sale and streamlining how fintechs manage multi-asset balances for their users.

What was announced

The Virtual Asset Ledger is a first-in-market offering designed for neobanks and consumer fintechs using Reap’s card issuing platform. It allows these platforms to mirror a user’s virtual asset balance to Reap and price it using their own live feeds. This enables a single spending limit derived from multiple asset types. For instance, a user with $400 in cash and $600 in bitcoin can access a $1,000 limit, with the platform determining which balance funds the transaction. The conversion takes place at the point of sale at the platform’s live rate, removing the need for prior swaps, unstaking, or separate funding pipelines.

The offering supports bitcoin immediately via Reap’s existing API. Beyond cryptocurrencies, the ledger allows clients to manage fixed-rate units like cashback, loyalty points, and salary allowances as spendable balances on the same card. This removes the need for separate redemption portals or payment flows. The launch comes as virtual asset-funded card spending reached $1.04 billion in July 2026, a three-fold increase over the previous year. While dollar-backed stablecoins funded 70% of the 10 million tracked transactions, the average transaction size grew from $59 to $86, suggesting a shift toward routine daily purchases like groceries and transport. Asia Pacific currently holds the largest regional share of crypto card volume on the Visa network, with over 160 stablecoin-linked card programmes live or in development globally as of June 2026. Reap’s cards are issued from Hong Kong and Mexico and are accepted wherever Visa is used.

"The moment a Bitcoin or virtual asset holder needs to pay for something, the only options have been to liquidate a position they intend to keep, or swap into a stablecoin first. Neither is a payment solution — they're workarounds for infrastructure that only ever understood one kind of balance. What we've built lets a platform settle that spend against the virtual assets users already hold, at the platform's own rate, at the till."

Harris Leow, Head of Product, Reap.

The companies involved

Reap is a global financial technology firm headquartered in Hong Kong that specializes in stablecoin-enabled infrastructure. The company focuses on bridging traditional finance with digital assets to facilitate more efficient money movement. In 2025, Reap reported a 200% year-on-year growth in both revenue and transaction volumes, processing billions in stablecoin-funded flows. The firm currently employs 300 people worldwide and provides integrated business accounts and embedded finance solutions. The platform operates by holding a master collateral account in USDC or USDT, which clients maintain to back card spending. Reap does not take custody of the underlying virtual assets or operate as an exchange; instead, treasury management and conversion remain the responsibility of the client.

Visa, whose network supports the cards issued through Reap, is a global leader in digital payments. The partnership between crypto-native infrastructure providers and established payment networks like Visa has become a cornerstone of the digital asset ecosystem, particularly in the Asia Pacific region where Reap maintains its primary operations. Visa’s network has seen a significant increase in stablecoin-linked card programmes, reflecting a broader market trend toward integrating digital assets into traditional payment rails.

What FF News has reported before

FF News has extensively covered the intersection of traditional payment networks and emerging digital asset infrastructure. Recent reporting includes Handwave Expands Visa Agreement to Accelerate Palm-Based Biometric Payments Across Europe, highlighting the continued evolution of the Visa network. Additionally, the publication has tracked the growth of merchant-focused financial tools in reports such as Finsei Launches Integrated Card Acquiring to Simplify Merchant Payment Ecosystems and Bill.me Boosts On-Time Payments 17% via Ecommpay Open Banking Integration. FF News has also followed the expansion of digital asset trading and banking services, as seen in Dukascopy Bank Launches AI-Powered Trading Integration and 25,000+ CFD Stock Offering.

What this means

The launch of the Virtual Asset Ledger signals a shift from treating digital assets as purely speculative investments to treating them as functional liquidity. By removing the friction of manual swaps, Reap is challenging the traditional siloed approach to asset management. This puts pressure on legacy card issuers who still rely on pre-funded debit models or complex treasury workarounds. The ability to blend loyalty points, salary, and bitcoin into a single spending limit suggests the industry is moving toward a unified "value ledger" rather than separate currency accounts. The primary question for the sector is whether regulators will view this real-time conversion at the point of sale as a standard payment transaction or a taxable disposal of assets.