Circle, a stablecoin issuer, has teamed up with Onafriq to pilot USDC across Africa. The initiative focuses on connecting numerous wallets and bank accounts to ease financial transactions.
Currently, over 80% of intraregional transactions incur high costs via correspondent banks, leading to approximately $5 billion in fees annually. The integration of USDC is set to simplify transactions and build trust in digital services.
With Africa’s significant capacity for digital asset innovation, Circle aims to leverage stablecoins for future financial transactions, reflecting the continent’s evolving economic landscape.
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