NymCard Enables Stablecoin Settlements with Visa, Revolutionising GCC Fintech

Mohammed Fathy

Last updated 3-02-2026

3 min

NymCard enables Visa settlement using USDC, marking a quiet but meaningful GCC milestone.

Stablecoin settlement runs “faster and around the clock,” easing cash flow for fintech startups.

Issuers can cut costs and reduce heavy collateral tied to traditional banking hours.

The move could simplify cross-border and future multi-currency settlement across the region.

Visa says stablecoins offer speed and transparency without compromising compliance or reliability.

NymCard has quietly crossed a meaningful milestone in the Gulf, enabling stablecoin settlement with Visa across the GCC. It might sound like backend plumbing—and in many ways, it is—but anyone who has spent time around fintech founders in the region knows how much these “invisible” upgrades matter, well… I mean, they can make or break a business.

The move allows NymCard to settle card transactions with Visa using USDC, a dollar-backed stablecoin. Practically speaking, that means settlement can now run faster and around the clock, instead of being boxed into banking hours. On the flip side, issuers can cut down on operational costs and reduce the heavy collateral or prefunding that usually comes with traditional settlement models. For startups juggling cash flow, that’s not just nice to have, it’s spot on.

I’ve lost count of how many early-stage founders around the MENA region have told me that cross-border settlement is a bit of a faff. Different currencies, timelines that stretch on forever, and fees popping up when you least expect them. This new approach also lays the groundwork for simpler multi-currency settlement down the line, which could be a relief for companies eyeing expansion beyond one market.

According to Omar Onsi, chief executive of NymCard, the company is the first issuer in the GCC to roll out this type of modern settlement capability with Visa. He described it as part of NymCard’s wider push to build the payments infrastructure of tomorrow, reinforcing its focus on continuous innovation in the region. From where I’m standing, that sounds like a fair claim—payments in MENA have moved fast, but settlement has often lagged behind.

Visa, for its part, sees stablecoins as a serious lever in global money movement. Godfrey Sullivan, head of product and solutions for CEMEA at Visa, said the collaboration shows how stablecoins can deliver speed, transparency and cost efficiency without compromising on compliance or reliability. That balance is crucial, especially as regulators in the region keep a close eye on anything crypto-adjacent.

At Arageek, we often talk about “boring tech” being the real enabler for startups. I reckon this is one of those moments. No flashy consumer app, no hype-heavy launch—but a change that could quietly unlock better economics for fintechs and financial institutions across the GCC. And believe it or not, those are usually the changes that stick… and scale, even if they don’t get everyone chuffed to bits on day one.

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