Kraken parent Payward agreed to acquire Hong Kong-based stablecoin payments firm Reap for $600 million in cash and stock, with Payward's equity valued at $20 billion in the transaction. Reap operates B2B stablecoin payment rails, card issuance, and treasury tools across Asia, with corridors extending into Latin America and Africa. The deal is Payward's first Asia infrastructure acquisition and follows its NinjaTrader buy, pending ~$550M Bitnomial deal, tokenized equities firm Backed acquisition, and MoneyGram partnership as Kraken positions ahead of a planned IPO. Asia is Payward's fastest-growing market outside Europe and Reap's capabilities can be extended to US customers quickly.