Credit Card Giant Visa Partners With African Stablecoin Provider Yellow Card

Credit card giant Visa has partnered with Yellow Card Financial, a leading African stablecoin payments provider, to accelerate the adoption of digital dollars across the continent. This underscores the growing synergy between traditional payment networks and cryptocurrency solutions, according to a Bloomberg report.

Under the agreement, the companies plan to promote stablecoin use for cross-border payments in the emerging markets where Yellow Card operates. Yellow Card will launch stablecoin transactions with Visa in at least one African country this year, with additional rollouts expected in 2026.

“This collaboration will focus on enhancing treasury operations, improving liquidity management, and enabling more cost-effective money transfers,” stated Chris Maurice, co-founder and CEO of Yellow Card.

The strategic move aligns with a notable trend observed in Sub-Saharan Africa. According to a Chainalysis report analyzing crypto usage between July 2023 and June 2024, stablecoin adoption in the region is accelerating rapidly. This growth is primarily driven by limited access to US dollars and ongoing foreign exchange crises in several countries.

Source: Yellow Card

Yellow Card, Africa’s first licensed stablecoin payments operator, also functions as a cryptocurrency exchange. Launched in Nigeria in 2019, the company now operates in 20 countries and has processed over $6 billion in transactions, as per its website.

“All the major payment companies are exploring ways to get into this space,” Maurice said regarding stablecoins.

Stablecoin Adoption in Africa is on the Rise

Dollar-pegged stablecoins such as USDT and USDC have gained significant traction. Nigeria and Ethiopia, two of Africa’s largest economies, report substantial growth in retail crypto adoption, with stablecoins now accounting for approximately 43% of the region’s total transaction volume.

Stablecoin Adoption Trends in Sub-Saharan Africa — *Stablecoin and Bitcoin adoption trends in Sub-Saharan Africa. Source: Chainalysis*

Industry players are recognizing the importance of this market. Circle, the issuer of USDC, has identified Africa as a vital market for digital dollars. In April, Circle partnered with African payment provider Onafriq to pilot USDC settlements across 40 countries.