Circle, the issuer of the USD Coin (USDC) stablecoin, has partnered with Onafriq, Africa’s largest payments gateway, to reduce the high cost of cross-border payments across the continent using USDC. According to a press release shared with Cointelegraph, Circle aims to pilot USDC settlements within Onafriq’s vast network, which connects over 500 wallets and 200 million bank accounts in more than 40 countries.
Currently, over 80% of intra-African transactions are routed through correspondent banks outside the continent and settled in foreign currencies like the US dollar or euro. This results in approximately $5 billion in fees annually.
Onafriq founder and CEO Dare Okoudjou stated that integrating USDC aims to simplify financial transactions for institutions and individuals, reduce costs, and strengthen trust.
Miriam Kiwan, Circle’s vice president for the Middle East and Africa, emphasized Africa’s potential for digital asset innovation, particularly in adopting stablecoins for cross-border payments. She noted that the partnership seeks to transform how money moves across borders, offering secure and transparent digital payment rails that enhance economic empowerment and connectivity.
This collaboration aligns with Circle’s global strategy to expand USDC adoption. On April 21, 2025, Circle launched the Circle Payments Network (CPN), a consortium of financial institutions aiming to streamline global fund movement and settlement using stablecoins. The network includes over 20 partners, such as World Remit, Yellow Card, and Fireblocks, with advisory support from major banks like Standard Chartered and Deutsche Bank.
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