A giant credit card visa has partnered with Yellow Card Financial, an African Stablecoin payment provider, to accelerate the adoption of digital dollars throughout the continent, confirming the increasing synergy between traditional payment networks and cryptocurrencies.
The two companies signed an agreement to enhance Stablecoin’s use of cross -border payments in emerging markets where the yellow card operates, Bloomberg I mentioned Thursday. Yellow Card will launch Stablecoin with a visa in at least one African country this year, with additional expectations in 2026.
Chris Morris, co -founder and CEO of Yellow Card, said the cooperation will focus on strengthening treasury operations, improving liquidity management and enabling more cost -effective funds.
Sub -Saharan Africa has witnessed a modest increase in the use of cryptocurrencies in general in 2024, but Stablecoin’s adoption is faster, according to a report issued by the analysis chain. This trend is largely driven by limited access to the US dollar and continuous foreign exchange crises in many countries.
Card Yellow, the first STADLECOIN payment operator in Africa, works as an encrypted currency exchange. After its launch in Nigeria in 2019, the company is now operating in 20 countries and has processed more than $ 6 billion of transactions, according to its website.
Regarding Stablecoins, Morris said, “All major payment companies explore ways to enter this field.”
Related to: The Empire graduates: The failure of the institutions to kill the Stablecoin Bill
Stablecoin’s adoption in Africa is up to rise
The dollar stablecoins such as USDT (USDT) and USDC (USDC) have gained a large traction in Africa. Nigeria and Ethiopia, one of the largest economies of Africa, have witnessed great growth in the adoption of retail encryption.
“Stablecoins is now approximately 43 % of the total transactions in the region,” said Chainalysis said in its report, which analyzed the use of encryption between July 2023 and June 2024.
Circle Issuer Circle USDC has set vital markets for the digital dollar. In April, the company made a partnership with the African payment provider on the Africa to experience the USDC settlements in 40 countries.
Related to: Xend Finance, Risevest Launch Tokeenized Stocks platform in Africa
Related Articles
