Circle has partnered with Onafriq, Africa’s largest payments gateway, to reduce cross-border payment costs on the continent using USDC. The pilot aims to enable settlements within Onafriq's extensive network, which includes over 500 wallets and 200 million bank accounts across more than 40 countries. Onafriq's founder, Dare Okoudjou, emphasized that integrating USDC will streamline financial transactions, lower fees, and enhance trust in digital financial services. Currently, most intra-African transactions are processed through correspondent banks outside the continent, incurring approximately $5 billion in fees each year. Circle’s regional vice president, Miriam Kiwan, noted Africa’s significant potential for digital asset innovation. The collaboration aligns with Circle’s global strategy to expand USDC's adoption, as seen with the launch of the Circle Payments Network (CPN), which aims to optimize fund movement and settlement through stablecoins, thereby addressing traditional payment inefficiencies and fostering economic empowerment across borders.

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