Circle to support USDC payments for Nvidia-backed firm in Africa

USDC issuer Circle has forged its first partnership in the African market, collaborating with the fintech division of Nvidia-backed Cassava Technologies, Bloomberg reported. The partnership will allow users of the remittance application operated by Cassava's Sasai Fintech to use Circle's USDC for domestic and cross-border payments. This service is currently available in 30 markets across the continent. Bloomberg noted that Africa is considered a region with growing demand for stablecoins, driven by its fast-growing young population and high technology adoption, which in turn fuels the need for lower remittance costs and more efficient trade settlements. The report added that stablecoins are also used as a hedge against currency devaluation and U.S. dollar liquidity shortages. It also mentioned that recent geopolitical risks in the Middle East have increased demand for stablecoins, expanding the total market size to around $316 billion.