How This Stablecoin Business in Africa Is Taking on SWIFT and Big Banks - Ep. 722

Oct 22, 2024

Chris Maurice, co-founder and CEO of Yellow Card, sheds light on Africa's dynamic crypto landscape. He reveals how stablecoins, particularly USDT, are revolutionizing B2B payments while tackling local currency instability. Maurice shares his personal journey into African finance, emphasizing the unique challenges of crypto entrepreneurship on the continent. He argues that stakeholders should pay more attention to Africa's innovative approach to finance, which could redefine the future of banking beyond traditional systems like SWIFT.

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INSIGHT

Stablecoin Focus

Yellow Card facilitates B2B payments in Africa using stablecoins, primarily US dollar-denominated.
They address the complexities of international payments and local currency volatility.

ANECDOTE

Hawala System

Before stablecoins, many African businesses relied on informal systems like Hawala for international payments.
This involved complex networks of personal connections to transfer money across borders.

INSIGHT

Africa's Crypto Leadership

Nigeria leads in practical stablecoin usage, highlighting Africa's significant crypto adoption.
Africa is at the forefront of this technology, unlike the later adoption of the internet or mobile phones.

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Africa is quickly becoming one of the most dynamic regions for crypto adoption, but the story unfolding there is very different from what many in the West might imagine.

Chris Maurice, co-founder and CEO of Yellow Card, joins the show to share how stablecoins are already transforming businesses across the continent, solving real-world problems, and taking on SWIFT. Plus, he explains why USDT is the stablecoin of choice there.

He also dives into the long-term economic impact of crypto adoption and explains why anyone serious about business should be paying close attention to Africa.

Show highlights:

What Yellow Card is and the focus on U.S. Dollar stablecoins
The complexities of doing business in Africa
Which African countries have the highest rate of adoption
Chris’s background and his fun story of how he got into working in Africa
How operating a company in Africa is different from other places
Why Yellow Card is currently operating with three stablecoins, and the dominance of USDT
Why Yellow Card only offers centralized stablecoins
Why everyone should pay more attention to the continent, according to Chris

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Guest:

Chris Maurice, cofounder and CEO of Yellow Card