The Circle of Stablecoin issuers has teamed up with Onafriq, the largest payment gateway in Africa, to reduce the high cost of cross -border payments through the continent using the USDC.
According to a press release shared with Cintelelelegraph, Circle aims to pilot USDC colonies (USDC) in the vast ONAFRIQ network, which links more than 500 portfolios 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 confidence,” said ONAFRIQ Okoudjou’s founder and CEO.
He added that the integration of the USDC would simplify transactions and stimulate confidence in digital financial services.
Currently, more than 80% of intra-African transactions are sent through corresponding banks outside the continent and have settled in foreign foreign currency such as the US dollar or the euro. This results in about $ 5 billion in fees per year.
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Africa has enormous potential for stablecoins
Miriam Kiwan, vice-president of Circle, head of the Middle East and Africa, said that Africa has enormous potential for innovation of digital assets, in particular in the adoption of stablecoins for cross-border payments.
“Together, we aim to transform how money crosses borders, offering secure and transparent digital payment rails that improve economic empowerment and connectivity,” said Kiwan.
In October 2024, Stablecoin transactions represented approximately 43% of the total volume of transactions in the Sub -Saharan Africa region, according to the chainysysia.
At the time, Eric Jardine, under research on chain cybercrimes analysis, associated the increase in the volume of stablecoin transactions in the region with a devaluation of currencies.
Nigerian Naira was the least efficient African currency, depreciating more than 100% in 2024.
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The circle pushes for global expansion
Collaboration also occurs in the middle of the global Circle strategy of expanding the adoption of the USDC.
On April 21, 2025, Circle launched the Circle Payments Network (CPN), a consortium of financial institutions aimed at rationalizing the movement and the regulations of the Global Fund using Stablecoins.
The network already includes more than 20 partners, such as World Remit, Yellow Card and Fireblocks, with advisory support from large banks as Standard Chartered and Deutsche Bank.
The initiative is designed to treat the ineffectiveness of traditional cross -border payments. CPN will support various use cases, including funding, payments of pay, treasury and invoices.
On April 29, the company also received approval from the principle of the Financial Services Regulatory Authority of the Abu Dhabi Global Market.
The approval allows Circle to operate as a supplier of regulated monetary services to the United Arab Emirates.
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