Stablecoin issuer Circle has teamed up with Onafriq, Africa's largest payments gateway, to lower the expensive fees associated with cross-border transactions in Africa by utilizing USDC. Circle plans to test USDC settlements within Onafriq's extensive network, which links over 500 wallets and 200 million bank accounts across 40 countries. By integrating USDC, the goal is to simplify financial transactions, reduce costs, and build trust, as stated by Onafriq's founder Dare Okoudjou. This move aims to streamline transactions and enhance trust in digital financial services. Currently, a significant portion of intra-African transactions incur high fees due to being routed through correspondent banks outside the continent and settled in foreign currencies. The collaboration aligns with Circle's global strategy to expand USDC adoption and improve cross-border payments. Additionally, Circle recently launched the Circle Payments Network to facilitate global fund movement using stablecoins, receiving approval to operate as a regulated money services provider in the UAE. Read more AI-generated news on: https://app.chaingpt.org/news

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