The giant credit card visa cooperated with the Yellow Card Financial, a provider of Africa Stablecoin, to speed up the adoption of digital dollars across the continent, emphasizing the growing synergy between traditional payment networks and cryptocurrency solutions.
Two companies have signed an agreement to promote stablecoin use for cross-border payments to emerging markets where Yellow Card runs, Bloomberg reported Thursday. The Yellow Card will launch Stablecoin transactions with a visa visa to at least one African country this year, with additional controlling appointments in 2026.
Chris Maurice, co-founder and CEO of the Yellow Card, said the cooperation would focus on enhancing Treasury operations, improving liquidity management and enabling more money transfers.
Sub-Saharan Africa saw a moderate increase in the general use of cryptocurrency in 2024, but the adoption of Stablecoin was faster, according to a chainalysis report. This trend is largely driven by limited access to the US dollar and ongoing foreign exchange crises in some countries.
The Yellow Card, the first licensed Stablecoin payment operator of Africa, also acts as an exchange of cryptocurrency. After launching in Nigeria in 2019, the company now operates in 20 countries and has processed more than $ 6 billion in transactions, according to its website.
Regarding Stablecoins, Maurice said, “All major payment companies explore ways to get into this space.”
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Stablecoin adoption in Africa is rising
Dollar-pegged stablecoins such as USDT (USDT) and USDC (USDC) has gained significant traction in Africa. Nigeria and Ethiopia, two of Africa’s largest economies, have seen significant growth in the crypto adoption.
“Stablecoins now cost approximately 43% of the total volume of the region’s transaction,” Chainalysis said in its report, which evaluated the use of crypto between July 2023 and June 2024.
The USDC Issuer Circle has identified Africa as an important market for digital dollars. In April, the company Partnered with the African payment provider onafriq to pilot the USDC communities throughout 40 countries.
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