Payward (Kraken's parent) acquired Reap, a Hong Kong stablecoin and payments platform, for $600 million, completing its buildout of a full financial infrastructure stack spanning trading, custody, tokenized assets, derivatives, and now commercial payments. The move follows Payward's OCC national trust company filing the day after announcing the deal, positioning it alongside Coinbase and Ripple as a federally supervised operator with licenses across state and federal frameworks. Reap's APAC and LatAM licenses compress years of jurisdictional expansion into a single acquisition ahead of Payward's likely IPO, where CEO Arjun Sethi has anchored a $20 billion valuation.