Yellow Card, Africa’s leading stablecoin-based infrastructure provider, has been issued a Crypto Asset Service Provider (CASP) license by South Africa’s Financial Sector Conduct Authority (FSCA).
Why it matters
Stablecoin adoption is accelerating in Africa, with sub-Saharan Africa leading global adoption rates at 9.2%.
In South Africa, stablecoin usage has surged 50% month-over-month since October 2023, surpassing Bitcoin as the country’s favorite cryptocurrency.
What they’re saying
- Chris Maurice, CEO of Yellow Card: “The CASP license underscores our commitment to regulatory compliance and providing transformative solutions for customers across the continent.”
By the numbers
- Yellow Card launched in South Africa in 2020.
- The company operates in 20 African countries and has processed over $3 billion in transactions.
- Yellow Card recently raised $33M in a Series C round led by Blockchain Capital and other prominent investors, including Coinbase Ventures and Block, Inc.
What’s next
With its recent licensing and funding, Yellow Card plans to:
- Expand its B2B stablecoin infrastructure.
- Upgrade its API and Widget tools to support businesses with liquidity management.
- Continue driving stablecoin adoption across Africa.
