Stablecoin issuer Circle has partnered with Onafriq, Africa’s largest payments gateway, to reduce the high cost of cross-border payments across the continent using USDC.
According to a press release shared with Cointelegraph, Circle aims to pilot USDC (USDC) settlements within Onafriq’s vast network, which connects over 500 wallets and 200 million bank accounts in more than 40 countries.
“By integrating USDC, we aim to simplify financial transactions for institutions and individuals, reduce costs and strengthen trust,” Onafriq founder and CEO Dare Okoudjou said.
He added that the integration of USDC will simplify transactions and boost trust in digital financial services.
Currently, over 80% of intra-African transactions are routed through correspondent banks outside the continent and settled in foreign currencies like the US dollar or euro. This results in approximately $5 billion in fees annually.
Related: Circle files for Initial Public Offering planned for April
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