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For years, crypto in Africa was synonymous with Bitcoin (BTC). Today, that narrative has flipped, with companies like Yellow Card, a crypto exchange operating in Africa, clearly reflecting this shift.

In an exclusive with BeInCrypto, Yellow Card co-founder and CEO Chris Maurice reveals how it is building a pan-African stablecoin network to leapfrog traditional finance (TradFi). This is amid growing regulatory clarity, collapsing fiat systems, and a remittance revolution.

Stablecoins Are Transforming Africa’s Financial Scene

The pan-African exchange operates in over 20 markets, and Maurice says stablecoins now account for over 99% of its transactions. This makes Yellow Card a bellwether for what might be the most transformative trend in emerging markets finance.

“When we first launched Yellow Card in 2019, people were exclusively buying Bitcoin. Now, the most popular asset is Tether (USDT),” Maurice told BeInCrypto.

As it happened, necessity, not speculation, has driven this evolution. Africa leads the world in peer-to-peer (P2P) crypto trading volume. However, unlike global crypto hubs chasing volatile returns, Africans are choosing stablecoins out of financial survival.

Local currencies are eroding under inflationary pressure in countries like Nigeria, which ranks second globally in crypto adoption (per Chainalysis). Stablecoins offer a reliable store of value and seamless means of cross-border payments.

This is especially critical in a continent with $48 billion annual remittances and persistent banking limitations.

“Stablecoins are solving practical financial services challenges in Africa. People aren’t in love with the tech. They need faster, cheaper ways to move money to survive and thrive,” Maurice added.

Infrastructure Built for the Unbanked

Yellow Card has gone beyond trading services. Its infrastructure integrates mobile money systems (like M-Pesa in Kenya) and local fiat currencies such as the Nigerian naira and Ghanaian cedi. According to the firm’s CEO, this helps onboard users without bank accounts.

By managing compliance, currency exchange, and payments internally, the firm enables businesses to operate without battling unreliable local rails.

“Our mission is to let companies invest, hire, and grow in emerging markets without needing to stress over infrastructure. We’ve built the back office [meaning] cybersecurity, AML, [and] data protection, so they can focus on growth,” he articulated.

The Regulatory Dam Has Broken

Maurice also observed that African regulators kept crypto in limbo for years. In Yellow Card’s view, 2024 marked a tipping point.

“There is regulatory momentum in Africa that is only accelerating. The dam has broken,” he said.

South Africa now classifies crypto as a financial product. It has licensed major exchanges like Luno and VALR. Countries in the Central African Economic and Monetary Community (CEMAC), Mauritius, Botswana, and Namibia have followed suit with licensing regimes.

Meanwhile, regulatory incubators are emerging in Kenya, Nigeria, Rwanda, and Tanzania. Against this backdrop, Maurice says Yellow Card has actively helped draft legislation in Kenya and supports crypto frameworks in Morocco.

Fighting the Informal Market

Still, challenges remain. In countries like Ethiopia, Cameroon, and Morocco, outright bans have driven users underground into high-risk P2P networks. Yellow Card pushes for frameworks that level the playing field for compliant players.

“We face a lot of competition from companies that don’t maintain high AML standards…A level playing field is all we seek,” he said.

With $85 million in venture funding, Yellow Card is deploying capital into compliance and partnerships. With this, the company positions itself as the go-to infrastructure provider for global firms looking to tap African markets.

From Africa to Emerging Markets Everywhere

Cross-border payments are perhaps Yellow Card’s most powerful use case. The company’s co-founder says its stablecoin-powered rails are helping businesses reduce working capital needs, expand to new regions, and hire faster.

“We’ve had clients tell us we’ve enabled them to scale into new countries and reduce their costs dramatically. That’s real economic impact,” said Maurice.

The company is not stopping at Africa. Its infrastructure extends into other frontier markets, with a wave of strategic partnerships expected in 2025.

“Yellow Card has built a series of easy buttons for developed world companies to expand into complicated, high-growth markets,” he noted.

The End of SWIFT?

Perhaps the boldest claim from Yellow Card is what it sees on the five-year horizon: the decline of SWIFT and traditional international transfers altogether.

“As we look out five years, SWIFT is in trouble. In ten, no one will be making international wires again,” Maurice chimed.

Backed by enterprise-grade security and regulatory rigor, Yellow Card attracts interest from blue-chip firms like PayPal and Coinbase exchange, which are looking for stablecoin partners in emerging markets.

“Stablecoins are already a standard part of the financial infrastructure in Africa. CFOs and treasurers in traditional industries are now routinely using them to store and transfer value,” he added.

Africa’s crypto market is still small compared to global giants. Nevertheless, as the world shifts from speculation to utility, the continent’s fragmented financial systems may offer a glimpse into crypto’s most impactful use case: economic empowerment. For Yellow Card, the mission is clear and increasingly urgent.

“We’ve built a company for longevity and scale. Crypto adoption in Africa is stablecoin adoption,” Maurice concluded.

The post Stablecoins, Not Bitcoin, Are Winning Africa: Yellow Card CEO on Africa’s Crypto Shift appeared first on BeInCrypto.

Solana (SOL) has shown limited price movement recently despite a substantial accumulation of the token. The price has remained relatively stable in May, likely due to the altcoin’s overheating. 

While this stagnation is a sign of caution, the market is optimistic, which could lead to potential gains for Solana in the near future.

Solana Investors Continue Accumulation

Over the past 10 days, the balance of Solana on exchanges has dropped by 2.2 million SOL, valued at approximately $381 million. This decline in supply indicates that investors have been accumulating Solana during this period.

The ongoing accumulation is likely driven by a mix of factors, including the broader bullish market sentiment, fear of missing out (FOMO), and the expectation of future price appreciation.

This reduction in supply reflects increased investor confidence, with many choosing to hold rather than sell their SOL. As more investors accumulate the token, the supply on exchanges decreases, potentially creating upward pressure on the price in the long run.

Solana’s overall market momentum shows signs of potential volatility. Technical indicators, such as the Bollinger Bands, reveal that the bands are narrowing.

This tightening of the bands is a classic signal of a potential squeeze, which often precedes a surge in price volatility.

Should the squeeze result in a bullish breakout, Solana could see a rise in price, especially with the broader market showing positive momentum.

However, the narrowing of the Bollinger Bands also suggests that a period of consolidation could occur before any significant move.

SOL Price Needs To Break Out

Solana’s price has been moving sideways for much of May, likely due to the token overheating in the previous weeks. However, this cooling-off period could create an opportunity for a bullish move.

As the broader market continues to show positive signals and the accumulation trend persists, Solana may rise from its current consolidation phase.

At $173, Solana is testing critical support levels. To initiate a rally, Solana would need to secure $178 as support. If it manages to break above $180 and successfully breaches $188, it could indicate the start of an uptrend.

A successful breakout above these levels would signal further upward potential.

On the other hand, if Solana fails to maintain support at $178, it could fall below the $168 mark, potentially reaching $161. Such a decline would invalidate the bullish thesis and suggest further downside risk for the token.

The post Traders Accumulate $381 Million SOL – Is Solana Preparing for a Breakout? appeared first on BeInCrypto.