As stablecoin adoption surges in Africa, with sub Saharan Africa having the highest adoption rate in the world at 9.2%, Yellow Card, Africa’s leading stablecoin infrastructure provider has just been issued a crypto asset service provider in South Africa.

Commenting on the FSCA’s decision to issue the license to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP license underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent. This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.  

In South Africa alone, the number of total users of crypto assets is estimated to amount to 5.8 million people, and stablecoins have experienced growth of 50% month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency.  Yellow Card is excited to play a pivotal role in this financial revolution in South Africa. 

Yellow Card, which launched in South Africa in 2020, has facilitated over US$3 billion in transactions in the last several years and now operates in 20 countries across the continent. The company recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc. (Square/Cash App), reflecting strong investor confidence in its mission.   

With the recent licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget. These efforts will empower businesses with seamless solutions for liquidity management and their general operations. 

The UAE as well is also well on its way to growing stablecoin usage, after the Central Bank came out with the AED Stablecoin regulations, and regulations for global stablecoin usage.