TL;DR
- Circle, the issuer of the USDC stablecoin, partners with Onafriq, Africa’s largest payment network, to cut high cross-border transfer costs.
- This alliance covers over 40 countries and connects 200 million bank accounts.
- Additionally, the adoption of stablecoins continues to rise in Africa, partly due to the devaluation of local currencies such as the Nigerian naira.
Circle, known for issuing the USDC stablecoin, announced a strategic partnership with Onafriq, the largest digital payment network on the African continent, with the goal of reducing the high costs of international transfers within Africa. This collaboration will pilot USDC payments across a network already connecting over 500 wallets and 200 million bank accounts in more than 40 African countries.
Currently, over 80% of transactions between African countries are processed through correspondent banks outside the continent, generating up to $5 billion in annual fees. By using a stablecoin like USDC, the need for foreign currencies such as the US dollar or euro as intermediaries is eliminated, drastically reducing costs and speeding up transfer times.
Digital Integration to Empower Africa
Dare Okoudjou, CEO and founder of Onafriq, explained that the integration of USDC will simplify financial operations for both businesses and individual users, boosting trust in digital financial services. This initiative also represents an important step towards financial inclusion in regions where access to traditional banking services is limited.
According to Chainalysis, by October 2024, 43% of total transaction volume in Sub-Saharan Africa was already being conducted using stablecoins. This accelerated adoption is directly linked to the instability of many local currencies. One example is Nigeria’s naira, which has lost more than 50% of its value in 2024, pushing citizens to seek more stable alternatives like USDC.
Circle’s Global Expansion and Africa’s Strategic Role
The partnership with Onafriq comes amid Circle’s global expansion strategy. In April 2025, the company launched the Circle Payments Network, an international network of financial institutions aimed at improving money transfers using stablecoins. Among its partners are World Remit and Fireblocks, with support from banks such as Deutsche Bank and Standard Chartered.
In addition, Circle received preliminary approval to operate as a regulated financial services provider in Abu Dhabi, solidifying its presence in the Middle East and positioning itself as a key player in the global financial system transformation. Africa, with its rapidly growing digital adoption, is proving to be fertile ground for the sustainable, long-term, and exponential growth of stablecoins across the entire region.
