Yellow Card, an African fintech, collaborates with Paxos Trust to unveil PYUSD, a stablecoin backed by US treasuries and cash equivalents.
PayPal USD (PYUSD), a stablecoin from PayPal, was introduced by Yellow Card, an African fintech company with operations in 20 countries. Paxos Trust Company, a supplier of blockchain and digital asset solutions, is the issuer of PYUSD.
August saw the introduction of PYUSD onto the US market as a fully backed USD stablecoin, with all reserves held in US treasuries, US dollar deposits, and US cash equivalents.
Stablecoin growth is driving up adoption of cryptocurrencies in Africa, according to Yellow Card, which provides a crypto exchange, cross-border payments powered by crypto, and an API suite for businesses to on-and-off-ramp anyone on the continent and outside. It claims that because stablecoins are more stable and easier to use, they are becoming more and more popular with traders of all experience levels.
In regards to the PayPal agreement, Chris Maurice, the CEO and co-founder of Yellow Card, stated: “This is evidence of Yellow Card’s unwavering commitment to innovation and financial inclusion.” The introduction of PYUSD on our platform is a testament to our commitment to our purpose of enabling digital currencies for all Africans, not merely a commercial accomplishment.
Customers in Africa now have access to new worldwide trade options thanks to the partnership, since they may purchase, sell, and transfer PYUSD on the Yellow Card platform without requiring a PayPal account.
According to Yellow Card, a key element of the common vision is fostering financial inclusion, education, and closing the gap between traditional and digital financial systems in Africa.
“There is no doubt that this cooperation will empower people and businesses throughout the continent, enabling them to engage in the global economy more effectively.”
