Yellow Card became the first fintech company on the continent to launch PayPal USD (PYUSD) stablecoin. Following the launch of this new crypto currency stablecoin from PayPal, Paxos will be able to facilitate digital financial transactions between the US and Africa.
The adoption of cryptocurrency is surging throughout Africa. Stablecoins have been increasingly popular among novice and experienced traders because of their increased stability and ease of usage, which is largely responsible for their growth.
Boasting operations in 20 countries, Yellow Card has emerged in recent years as the fastest-growing cryptocurrency company in Africa. Given that Africa is the ideal region for the rapid growth of cryptocurrencies, Yellow Card shows no signs of slowing down.
PYUSD made its debut in the US market in August and has since caused quite a stir in the business community. The reserves of PYUSD, a fully-backed USD stablecoin, are entirely held in US treasuries, dollar deposits, and cash equivalents.
The New York State Department of Financial Services maintains the strictest regulatory monitoring over PYUSD and its reserves, according to the strictest requirements for consumer safety.
Chris Maurice, the CEO and co-founder of Yellow Card, says that the partnership highlights the core values of the business, which are the intersection of advancement, financial inclusion, and innovation.
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.Chris Maurice, CEO and Co-founder Yellow Card
Customers can easily transfer money to and from the US thanks to PYUSD’s availability on Yellow Card. This is so that US customers of PayPal and Venmo can accept PYUSD and exchange it for dollars. In essence, it eliminates more involved procedures while maintaining speed, stability, and security—all while being more affordable and efficient.
Customers based in Africa will also benefit from the relationship, as it opens up new worldwide trading opportunities and access because they can easily purchase, sell, and transfer PYUSD on the Yellow Card platform without requiring a PayPal account.