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Unchained
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.
44:26
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Quick takeaways
- Stablecoins like USDT are revolutionizing B2B payments in Africa by simplifying international transactions and enhancing operational efficiency for businesses.
- Crypto adoption in Africa focuses on practical applications of stablecoins, showcasing their value in improving financial accessibility rather than speculative trading.
Deep dives
Utilizing Stablecoins for B2B Payments
Stablecoins play a crucial role in facilitating B2B payments in Africa, as they enable businesses to make international transactions and manage their treasury more effectively. Many companies have shifted towards using primarily stablecoins like USDC and USDT due to their ease of conversion and broad acceptance in global trade. This trend has been particularly evident since 2020, when the volume of stablecoin transactions for businesses surged, reflecting the need for a reliable payment method in a challenging financial landscape. The practicality of stablecoins allows businesses to settle invoices and other payments with certainty, removing the complications associated with traditional currencies.
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Discover
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