Credit card giant visas partnered with African stable payment provider Yellow Card Financial to accelerate digital dollar adoption across the continent, highlighting the growing synergy between traditional payment networks and cryptocurrency solutions.
The two companies have signed an agreement to facilitate the use of cross-border payments in emerging markets where yellow card operations are operated, Bloomberg Report Thursday. The yellow card will initiate visas in at least one African country this year and will launch visas in 2026.
Chris Maurice, co-founder and CEO of Yellow Card, said the collaboration will focus on enhancing Treasury operations, improving liquidity management and enabling more cost-effective remittances.
According to a report by Chainalysis, the overall cryptocurrency usage has not increased significantly in sub-Saharan Africa, but stable adoption is accelerating rapidly, according to a report by Chainalysis. This trend is largely due to several countries’ acquisition of the US dollar and the ongoing foreign exchange crisis.
Yellow Card is the first licensed Stablecoin payment operator in Africa and a cryptocurrency exchange. According to its website, the company now operates in 20 countries after launching in Nigeria in 2019 and has processed more than $6 billion in transactions.
Regarding Stablecoins, Morris said: “All the major payment companies are exploring ways to get into this space.”
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People who adopt stable adoption are on the rise in Africa
USDT (USDT) and USDC (USDC) gained great attraction in Africa. Nigeria and Ethiopia are two of Africa’s largest economies and have grown significantly in adopting retail cryptocurrencies.
“Stablecoins now account for 43% of the total transaction volume in the region,” Chainalysis said in its report, which analyzed cryptocurrency usage between July 2023 and June 2024.
USDC issuer Circle has identified Africa as an important market for digital dollars. In April, the company Partner with African payment provider Onafriq Driving USDC settlements in 40 countries.
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