The Stablecoin Issuer Circle has cooperated with Onafriq, the largest African payment gateway, to reduce the high cost of cross-border payments throughout the continent using the USDC.
According to a press release shared with Cointelegraph, aimed at Circle to have USDC (USDC) Arrangements within the wide network of Onafriq, which relates to more than 500 wallets and 200 million bank accounts in more than 40 countries.
“By integrating the USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs and strengthen trust,” Otafriq founder and CEO Okoudjou said.
He added that the USDC integration will simplify transactions and boost confidence in digital financial services.
Currently, more than 80% of intra-Africa transactions have been raised by the corresponding banks outside the continent and have lived in foreign currencies such as the US dollar or euro. This results in approximately $ 5 billion in fees annually.
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Africa has great potential for stablecoins
Miriam Kiwan, the vice president of the Circle responsible for the Middle East and Africa, Africa said that holds massive potential for changing digital assets, especially in the adoption of the Stablecoins for cross-border payments.
“Also, we aim to transform how money moves on the boundaries, offering safe and transparent digital payment metals that improves economic strengthening and connection,” Kiwan said.
By October 2024, Stablecoin transactions accounted for approximately 43% of the total volume of sub-Saharan Africa transaction, according to chainalysis.
At this time, Eric Jardine, the research of cybercrimes leads the chainalysis, which associates the increasing amount of stablecoin transaction in the region with lowering of money.
The Nigerian Naira is the worst performance Africa money, which reduces more than 100% in 2024.
Related: Circle Executive denies claims seeking US banking license
The Circle is pushing for global expansion
Cooperation also came amid the global Circle approach to expanding the USDC adoption.
On April 21, 2025, circle launched The Circle Payment Network (CPN), a consortium of financial institutions aimed at –streamline the movement of global funding and regulating using stablecoins.
The network includes more than 20 partners, such as the World Remit, Yellow Cards, and Fireblocks, with counseling support from major banks such as the Standard Chartered and Deutsche Bank.
The initiative was designed to meet the efficiency of traditional cross-border payment. CPN will support a variety of use cases, including remittances, payroll, treasury and invoice payments.
On April 29th, the firm also received in-principle approval From the authority of regulation to the financial service of the Abu Dhabi Global Market.
Approval allows the Circle to operate as a regulated monetary service provider in the United Arab Emirates.
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