"Responding to Stablecoin Demand Linked to Dollars in Africa"
"Launching Stablecoin Payment Service in at Least One Country This Year"
);)
The collaboration between Visa and Yellow Card comes amid a surge in stablecoin demand in African emerging markets with limited dollar accessibility. Yellow Card plans to launch a stablecoin-based payment service with Visa in at least one country in the second half of 2025, with plans to add more services in 2026.
Chris Morris, co-founder of Yellow Card, explained that "overseas payments using stablecoins can improve efficiency across financial operations, including liquidity acquisition, reduction of remittance costs, and real-time settlement".
According to cryptocurrency data analysis firm Chainalysis, cryptocurrency usage in sub-Saharan Africa is slightly increasing in 2024 compared to the previous year, with approximately 43% of total transactions being made in stablecoins. Particularly in Nigeria and Ethiopia, cryptocurrencies are being rapidly adopted for retail payments.
Yellow Card started its cryptocurrency remittance business in Nigeria in 2019 and is currently operating in 20 African countries. Its cumulative transaction amount has exceeded $6 billion (approximately 8.2 trillion won).
Circle, a US stablecoin issuer, has also been piloting USDC payments in 40 countries since partnering with African payment platform Onafrik in April 2024.
CEO Morris stated, "All global payment companies are paying attention to stablecoin payment channels" and "this partnership will be a catalyst for accelerating cryptocurrency proliferation across the continent".
Reporter Jung Ha-yeon yomwork8824@blockstreet.co.kr
