Yellow Card, Africa’s prominent stablecoin infrastructure provider, has officially received a Crypto Asset Service Provider (CASP) licence from South Africa’s Financial Sector Conduct Authority (FSCA). This licensing marks a significant milestone for the company, enabling it to further its commitment to offering secure and compliant financial services across the continent.
The surge in stablecoin usage across Africa, particularly in sub-Saharan Africa which leads global adoption rates at 9.2%, has set the stage for Yellow Card’s expansion. In South Africa, stablecoins have seen a 50% monthly growth since October 2023, surpassing bitcoin in popularity. Chris Maurice, co-founder and CEO of Yellow Card, emphasized the importance of the licence in ensuring customer security and regulatory compliance.
Since its inception in South Africa in 2020, Yellow Card has processed over US$3 billion in transactions and now operates in 20 African countries. The company’s recent US$33 million Series C financing, led by Blockchain Capital and supported by investors like Coinbase Ventures and Block, Inc., underscores the robust investor confidence in Yellow Card’s vision. With this new licence, Yellow Card is poised to enhance its business-to-business services, focusing on improving liquidity management and operational efficiency for companies across Africa.
