Circle has joined forces with Onafriq, Africa’s largest payments gateway, to tackle high costs associated with cross-border transactions across the continent. Utilizing USDC, these companies aim to pilot settlements within Onafriq’s extensive network of over 500 wallets and 200 million bank accounts spanning more than 40 nations. Onafriq CEO Dare Okoudjou emphasizes this integration will simplify financial transactions for both institutions and individuals, significantly reducing fees and fostering trust in digital financial services. Current intra-African transaction volume relies on correspondent banks outside the continent, resulting in approximately $5 billion annually in fees due to settlement processes in foreign currencies like US dollars or euros. Circle’s vice president for the Middle East and Africa, Miriam Kiwan, highlights Africa’s immense potential for digital asset innovation and emphasizes how stablecoins can be instrumental for cross-border payments. Circle hopes this partnership will transform money movement across borders by providing secure and transparent rails that bolster economic empowerment and connectivity. As of October 2024, stablecoin transactions accounted for around 43% of the total transaction volume in Sub-Saharan Africa, according to Chainalysis. Chainalysis’s Eric Jardine points to currency devaluation as a contributing factor to this surge in stablecoin usage, specifically citing Nigeria’s naira experiencing a dramatic depreciation of over 100% in 2024. This collaboration between Circle and Onafriq aligns with Circle’s global strategy to expand USDC adoption. The Circle Payments Network (CPN), launched on April 21, 2025, aims to streamline global fund movement using stablecoins. This consortium of financial institutions already includes over 20 partners such as World Remit, Yellow Card, and Fireblocks with advisory support from major banks like Standard Chartered and Deutsche Bank. The initiative tackles inefficiencies in traditional cross-border payments, supporting various use cases including remittances, payroll, treasury, and invoice payments. Moreover, Circle received in-principle approval on April 29, 2025, from the Financial Services Regulatory Authority of the Abu Dhabi Global Market, enabling them to operate as a regulated money services provider in the UAE.