Stellar (XLM) plans on USDC integration to tap into Africa’s remittance market

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 26, 2021
  • The network announced its partnership with Flutterwave to facilitate the use of USDC on the network.
  • Through this partnership, Stellar seeks to tap into the large Africa remittance market.
  • This partnership will also include Tempo Payments.

In recent weeks, Stellar (XLM/USD) has been adamant about creating a space for itself in the rapidly growing crypto payments sector. The Stellar Development Foundation has now announced that it is working on a new remittance channel that will link Europe and Africa via the USD Coin (USDC).

The announcement made on October 25 further states that Stellar will team up with Flutterwave to facilitate the use of the USD Coin on its network. Flutterwave will also work with Tempo Payments, a money transfer firm in Paris that is also among Stellar’s partners.

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Speaking on this initiative, the CEO of Flutterwave, Olugbenga Agboola, stated that,

It is more expensive to send money to sub-Saharan Africa than to any other region in the world. Our new payment corridors on Stellar will allow us to continue expanding the Flutterwave network to bring all-important, cost-effective money transfers services to African business owners.

The CEO of the Stellar Development Foundation, Denelle Dixon, also noted that this initiative would be a step further in enabling the firm to achieve its financial inclusion and affordability goals. Dixon further applauded Flutterwave for its impact on the region and noted that it would support the firm in bringing financial access and inclusion to the African continent.

Flutterwave is one of the leading remittance firms globally. The firm states that it has processed over 140 million transactions worth more than $9 billion since inception. The platform also has a presence in over 33 African countries, including South Africa, Nigeria, Kenya, Uganda and Rwanda. Some of the businesses it serves include Facebook and Uber.

Stellar Targeting major Growth

As aforementioned, Stellar has been working round the clock to achieve growth. Recently, the firm partnered with MoneyGram to enable payments using stablecoins.

Earlier this year, Stellar announced the integration of the USDC stablecoin. The coin has since seen major growth, with its market cap soaring by over 700% to reach $32.5 billion.

Following these developments, the XLM token has also been gaining, and over the past month, its value has increased by around 37%. Data from CoinGecko also shows that the coin has gained 1.6% in the past 24 hours but is still 55% short of reaching its all-time high.

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