Visa looks to stablecoins for Africa

Outside the vast domestic US market, the potential of stablecoins is mostly touted for cross-border payments, with Yellow Card and Visa announcing a deal to promote stablecoin use in Yellow Card markets in Africa, starting with one market this year, according to Yellow card co-founder and chief executive Chris Maurice. "The push is riding on improved adoption of the digital technology in Africa, where countries such as Ghana, Kenya, South Africa and Nigeria are establishing regulations for the sector," reports Bloomberg. "'Visa sells virtually to every bank in the world, so it opens up opportunities to work with the broader financial institutions that can benefit from the technology the most,' he said in an interview. Kenya's draft legislation, the Virtual Asset Service Providers Bill, is the most progressive in Africa as it differentiates stable and speculative assets, and recognizes various use cases, according to Edline Murungi, senior legal counsel at YellowCard."