With the launch of PayPal USD (PYUSD) by Yellow Card (https://YellowCard.io/), the first fintech company on the continent, today represents a major turning point for the African cryptocurrency market. With the launch of this new stablecoin from PayPal, Paxos will be able to facilitate digital financial transactions between the US and Africa.
Africa is seeing a rapid uptake of cryptocurrencies; a report by Chainalysis states that between 2020 and 2021, the continent’s cryptocurrency industry expanded by over 1200%, reaching $106 billion. Kenya, Morocco, and Nigeria are in the top 20 countries in the world for cryptocurrency adoption. Stablecoins, which are more popular among novice and experienced traders alike because of their higher stability and ease of usage, are mostly responsible for this growth.
With operations in 20 countries, Yellow Card has emerged as the fastest-growing cryptocurrency company in Africa in recent years. Given that Africa is the ideal region for the rapid growth of cryptocurrencies, Yellow Card shows no signs of slowing down.
PYUSD made its debut in the US market in August and has since caused quite a stir in the business community. The reserves of PYUSD, a fully-backed USD stablecoin, are entirely held in US treasuries, dollar deposits, and cash equivalents. The New York State Department of Financial Services maintains the strictest regulatory monitoring over PYUSD and its reserves, according to the strictest requirements for consumer safety.
Chris Maurice, the CEO and co-founder of Yellow Card, says that this collaboration highlights the core values of the business, which are the intersection of advancement, financial inclusion, and innovation.
“This occasion is evidence of Yellow Card’s unwavering commitment to innovation and financial inclusivity. The introduction of PYUSD on our platform is a testament to our commitment to our aim of enabling digital currencies for all Africans, the speaker stated, not just a commercial accomplishment.
Because PYUSD is available on Yellow Card, users can send and receive money between the US with ease. This is due to the fact that PYUSD may be accepted and exchanged for dollars by US users of PayPal and Venmo. In essence, it eliminates more involved procedures while maintaining speed, stability, and security—all at the same time being less costly and more efficient.
Customers in Africa now have easier access to international trading options thanks to the partnership, as they can easily purchase, sell, and transfer PYUSD on the Yellow Card platform without requiring a PayPal account.
A key element of our common goal is advancing financial inclusion, education, and closing the gap between traditional and digital financial systems in Africa. Without a doubt, this collaboration will enable people and companies all around the continent to engage in the global economy more successfully.