Yellow Card, a fintech company on the African continent operating across 20 countries, has launched PayPal USD (PYUSD), the stablecoin from PayPal, issued by blockchain and digital asset solution provider Paxos Trust Company.
PYUSD launched in the US market in August as a fully-backed USD stablecoin with reserves held 100 per cent in US dollar deposits, US treasuries and cash equivalents.
According to Yellow Card, which offers a crypto exchange, cross-border payments powered by crypto, as well as an API suite for companies to on-and-off-ramp anyone on the continent and abroad, crypto adoption in Africa is booming thanks to growth to stablecoins. It says stablecoins have gained popularity with both beginners and seasoned traders due to their ease of use and greater stability.
On the PayPal partnership, Yellow Card CEO and co-founder, Chris Maurice, commented: “This moment is a testament to the relentless pursuit of innovation and financial inclusion that Yellow Card stands for. Launching PYUSD on our platform is not just a business achievement, it’s a commitment to our mission of making digital currencies accessible to everyone in Africa.”
The collaboration also introduces newfound global trading opportunities and access for customers based in Africa as customers can buy, sell, and transfer PYUSD on the Yellow Card platform without the need for a PayPal account.
Promoting financial inclusion, education and bridging the gap between traditional and digital financial systems in Africa is a fundamental component of the shared vision, says Yellow Card.
“This partnership will no doubt empower individuals and businesses across the continent, allowing them to participate in the global economy more effectively.”