Former UN official: Stablecoins now more important than aid in Africa

Vera Songwe, an economist and former UN Under-Secretary-General, stated that stablecoins have become more important than aid in Africa, Cointelegraph reported. Speaking at the Davos Forum in Switzerland, she explained that stablecoins are establishing themselves as a cheaper and faster means of remittance across the continent. Songwe noted that previously, sending $100 within Africa incurred a fee of six dollars and was often slow. In contrast, she said, stablecoins have reduced fees and significantly shortened settlement times.