The Visa credit cards giant has teamed up with Yellow Card Financial, an African Stablecoin payments supplier to accelerate the adoption of digital dollars through the continent, highlighting the growing synergy between traditional payment networks and cryptocurrency solutions.
The two companies signed an agreement to promote the use of stablescoin for cross -border payments on the emerging markets where the yellow card works, Bloomberg reported on Thursday. Yellow Card will launch Stablecoin transactions with Visa in at least one African country this year, with additional deployments expected in 2026.
Chris Maurice, Co-founder and CEO of Yellow Card, said that collaboration will focus on improving treasury operations, improving liquidity management and allowing more profitable money transfers.
Sub-Saharan Africa experienced a modest increase in the overall use of cryptocurrency in 2024, but the adoption of stablescoin accelerates more quickly, according to a report by Chainalysis. This trend is largely motivated by limited access to US dollars and ongoing currencies in several countries.
Yellow Card, the first Stablecoin Payment Operator under Bachelor of Africa, also works as an exchange of cryptocurrency. After its launch in Nigeria in 2019, the company now operates in 20 countries and has treated more than $ 6 billion in transactions, according to its website.
Regarding Stablecoins, Maurice said: “All large payment companies explore ways to enter this space.”
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The adoption of stablescoin in Africa is increasing
Stablescoins pointed out in dollars such as USDT (USDT) and USDC (USDC) have gained in significant traction in Africa. Nigeria and Ethiopia, two of the largest economies in Africa, have experienced significant growth in the adoption of retail cryptography.
“Stablecoins now represent approximately 43% of the total volume of transactions in the region,” said Chainalysis in its report, which analyzed the use of cryptography between July 2023 and June 2024.
USDC Isuer Circle has identified Africa as a vital market for digital dollars. In April, the company joined forces with the ONAFRIQ African payment provider to pilot USDC regulations in 40 countries.
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