Yellow Card, an African crypto fintech company has launched the PayPal USD (PYUSD) in the African region. This new stablecoin from PayPal, issued by Paxos, will open new opportunities for digital financial transactions between Africa and the United States.
Background
In August, PYUSD launched in the US market. PYUSD is a fully-backed USD stablecoin with reserves held 100% in US dollar deposits, US treasuries, and cash equivalents. PYUSD – and its reserves – are subject to strict regulatory oversight by the New York State Department of Financial Services meeting the highest standards of consumer protection.
By The Numbers
Crypto adoption in Africa is booming – according to a report by Chainalysis, between 2020 and 2021 the crypto market on the continent grew by over 1200% (to $106 billion). Nigeria, Morocco, and Kenya rank in the global top 20 for crypto adoption. A large part of the reason for this growth can be attributed to stablecoins, which have gained popularity with both beginners and seasoned traders due to their ease of use and greater stability.
What They’re Saying
CEO and Co-Founder of Yellow Card, Chris Maurice, says this partnership emphasises the very essence of the company where innovation, financial inclusion, and progress collide.
“This moment is a testament to the relentless pursuit of innovation and financial inclusion that Yellow Card stands for. Launching PYUSD on our platform is not just a business achievement, it’s a commitment to our mission of making digital currencies accessible to everyone in Africa,” he said.
Why This Matters
PYUSD’s availability on Yellow Card means customers can smoothly transfer funds to and from the US. This is because PayPal and Venmo users in the US can accept PYUSD and exchange for the dollar. Essentially, it removes longer processes while providing security, stability, speed – while still being cost effective and less expensive.
The collaboration also introduces newfound global trading opportunities and access for customers based in Africa as customers can seamlessly buy, sell, and transfer PYUSD on the Yellow Card platform without the need for a PayPal account.
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
