Yellow Card, Africa’s leading stablecoin-based infrastructure provider, has been issued a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Chris Maurice, Yellow Card’s co-founder and CEO, said,
“The CASP licence 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.”
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Stablecoin adoption is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2%. A major driver of stablecoin adoption in Africa is the foreign exchange (FX) crisis gripping many countries. Countries with significant stablecoin adoption and use cases in Africa are Nigeria, South Africa, Kenya, Ghana, Mozambique and Uganda. Africa’s most populous nation is leading the charge in stablecoin adoption in Africa, driven by a dynamic fintech sector and significant economic hurdles.
In South Africa alone, where the number of total users of crypto assets is estimated to amount to 5.8 million people, 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.
Founded in Nigeria in 2019 by Chris Maurice, Yellow Card has rapidly expanded its footprint, now operating in 20 African countries and facilitating more than $3 billion in transactions. The company positions itself as the largest and first licensed stablecoin on-ramp/off-ramp in Africa.
The African stablecoin-based infrastructure provider, 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.
As the stablecoin landscape continues to evolve, Yellow Card is committed to leading the charge in making digital assets accessible and secure for businesses across Africa. 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.