Circle Internet Group, whose regulated affiliates issue the USDC stablecoin, has forged a partnership with Sasai Fintech, the digital payments division of pan-African tech giant Cassava Technologies, to drive adoption of dollar-pegged digital dollars across the continent. Under the collaboration, the two companies will explore practical applications for USDC and how Circle's platform can reduce costs, friction and settlement times for Sasai's business payments, cross-border transfers, remittances and mobile wallet services. Circle's platform includes the Circle Payments Network for global money movement and Arc, its enterprise-grade blockchain, although the announcement commits the two companies only to exploring how that platform can support Sasai's customers.
The deal is Circle's first partnership in Africa, Bloomberg reported. Stablecoin use in Africa is growing rapidly, according to Circle. Nigeria leads sub-Saharan Africa in crypto activity, receiving more than $92.1 billion in value over a 12-month period, nearly triple South Africa's total, according to Chainalysis. Chainalysis says stablecoins are increasingly used in Nigeria as a dollar alternative amid inflation and limited access to foreign currency.
CASSAVA'S TECH EMPIRE
Cassava Technologies was founded by Zimbabwean billionaire Strive Masiyiwa. The group operates fibre networks, data centres, cloud services, and AI platforms across Africa, the Middle East, Latin America and the United States. Recent investments include backing from Nvidia for AI initiatives, as well as funding from Google and the U.S. International Development Finance Corporation. Sasai Fintech, its payments arm, recently agreed with Western Union to roll out an international money transfer app for consumers in South Africa, further solidifying its foothold in key corridors.
Masiyiwa is Cassava's founder and executive chairman. “Africa’s digital economy is entering a new era, propelled by entrepreneurship, a mobile-first generation, and the acceleration of intra-regional trade," he said. "By integrating with the trusted and widely adopted USDC network, we can drive financial inclusion and open transformative opportunities for businesses and consumers alike.”
Jeremy Allaire, Circle's co-founder, chairman and CEO, also commented. “Emerging markets are at the forefront of stablecoin adoption, and Africa represents a significant opportunity for internet-native innovation,” Allaire stated. “Working with Cassava, we can extend the benefits of USDC and on-chain infrastructure into high-growth payment corridors to deliver always-on global connectivity.”
TACKLING PAYMENT PAIN POINTS
Africa remains the world's most expensive region for remittances, with average fees above 8%, Benzinga reported. USDC is a fully reserved stablecoin redeemable 1:1 for U.S. dollars and issued through Circle's regulated affiliates; Sasai says it will give users near-instant settlement at a fraction of the cost.
Sasai offers business payments, cross-border transfers for individuals and remittance operators, and mobile wallets. The USDC features are expected to launch initially in select markets.
REGULATORY HURDLES AHEAD
Challenges persist. Taking the deal to commercial scale will require navigating regulatory environments that vary significantly from country to country, Billionaires.Africa noted. Neither company gave a timeline for product launches or deployment targets.
The companies said integrating USDC and Circle's onchain infrastructure can connect Sasai's users to the global financial system.