In a significant move towards enhancing digital asset adoption in Africa, Yellow Card, one of the continent’s largest licensed stablecoin on/off ramp, is set to introduce USDC, a digital stablecoin on the Stellar network. This integration aims to revolutionize cross-border payments, remittances, and treasury management globally by providing users with a seamless, near-instant, and cost-effective solution for various financial transactions.
Yellow Card, known for its user-friendly platform and widespread presence across 20 African countries, will leverage the robust features of the Stellar network, such as low transaction fees and lightning-fast transactions, combined with the growing popularity of USDC. This collaboration is expected to offer users expedited transactions, providing unprecedented convenience and utility in their digital currency dealings.
Chris Maurice, Yellow Card’s CEO, expressed enthusiasm about the integration, emphasizing the positive impact on global payments. He stated, “We are thrilled to bring USDC on Stellar to our users. This is a giant leap forward for global payments, making it easier, faster, and more affordable for people around the world to access and utilize digital dollars.”
The Stellar blockchain, tailored for everyday financial products and services, stands out for its speed, scalability, and sustainability. With a track record of processing billions of operations and serving millions of accounts, Stellar has become a trusted choice for financial institutions globally. The integration of USDC on Stellar by Yellow Card opens up possibilities for instant global transactions and accessibility, catering to users without traditional bank accounts.
One of the key advantages of this collaboration is the significant reduction in transaction costs for cross-border payments. Yellow Card users can now send USDC on the Stellar network with minimal fees, addressing a major challenge faced by many in Africa who often incur hidden charges when sending money internationally. Additionally, the integration aligns with Yellow Card’s existing cross-border payment feature, Yellow Pay, further empowering users with stablecoin-powered transfer capabilities.
The app’s role as a vital access point for companies and users looking to leverage the efficiency and speed of the Stellar network positions Yellow Card as a facilitator for fintechs and exchanges. USDC on Stellar offers near-zero transaction costs, swift settlement, and transactions finalized in as little as 3 seconds. To encourage user adoption of this new technology, Yellow Card plans to award $5 USDC to customers who send at least $3 USDC using the Stellar network on the app, providing a win-win scenario for users exploring the fast transaction speeds of the network.
Having facilitated transactions exceeding $2 billion USD throughout Africa, Yellow Card has garnered significant support from prominent global investors. This includes investments from Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block (Square / Cash App), totaling over $50 million USD.
