Global payments giant, VISA, is stepping up its stablecoin strategy in emerging markets, announcing a major expansion of its USD-backed blockchain settlement capabilities in the Central and Eastern Europe, Middle East, and Africa (CEMEA) region. At the center of this push is a strategic partnership with Yellow Card, one of Africa’s most prominent fintechs operating across 20+ countries.
Together, the two companies are working to roll out real-world stablecoin use cases across the continent. But even as the partnership looks to enable faster, cheaper, and more accessible cross-border payments, it has already run into headwinds in Ghana – where the central bank has issued a public warning against Yellow Card’s involvement in local digital asset operations.
[TECH] REGULATION | Bank of Ghana Cautions Public Against Dealing with African Crypto and Stablecoin On/Off-Ramp, Yellow Card: The Bank of Ghana (BoG) has issued a warning to the public regarding YellowPay, .. https://t.co/1fjuQu7O8e via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) June 15, 2025
VISA’s Stablecoin Vision Meets African Infrastructure
VISA’s expanded initiative is a continuation of its blockchain integration efforts, which began in 2023 when the company enabled USDC settlement on its network. Since then, VISA has processed over $225 million in stablecoin volume and is now targeting cross-border transaction settlement through blockchain rails in key CEMEA markets.
The partnership with Yellow Card, announced in June 2025, aims to pilot stablecoin-enabled treasury operations and liquidity management for institutions in Africa. VISA Direct, the company’s global real-time payments platform, will be central to this rollout, offering stablecoin-powered cross-border transfers in over 190 countries.
“Every institution that moves money will need a stablecoin strategy,” said Godfrey Sullivan, Senior Vice President of Products and Solutions for CEMEA at VISA.
“We’re here to help our partners bring scale, trust, and innovation to build the next generation of global payments.”
REPORT | #Stablecoin Transactions Surpass #VISA for the First Time
Stablecoin transaction volume rose by more than 30% while stablecoins’ assets under management (AUM) saw a 13.5% increase quarter-over-quarter, hitting an all-time highhttps://t.co/DFnUoXVfMa @BitwiseInvest pic.twitter.com/YhbZW4WcB3
— BitKE (@BitcoinKE) May 1, 2025
Yellow Card, which has processed over $6 billion in volume to date, brings a deep operational footprint and regulatory licenses across the continent. According to CEO, Chris Maurice, the partnership is about building a bridge between traditional finance and emerging technologies like blockchain.
“When you look at stablecoins, there’s a lot of excitement in the market,” said Maurice.
“We’re thrilled to partner with VISA to realize their potential in emerging economies, especially where traditional financial infrastructure is limited or expensive.”
VISA confirmed that the two firms will launch their first stablecoin integration in an African market before the end of 2025, with more countries to follow.
STABLECOINS | Visa Doubles Down on Cross-Border Settlements Using USDC Stablecoin on Solana
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option… pic.twitter.com/ET24hu9Ka1
— BitKE (@BitcoinKE) September 7, 2023
Regulatory Roadblock in Ghana
Despite this progress, the partnership has already triggered concerns in one of Africa’s most important fintech markets.
On June 10 2025, the Bank of Ghana (BoG) issued a formal caution to the public warning against the use of Yellow Card’s “Yellow Pay” platform, as well as a separate platform named HanyPay, which allegedly promotes the AKL Lumi stablecoin. The BoG noted that neither company is licensed or approved to operate within Ghana’s financial services sector.
The regulator urged financial institutions, fintechs, and consumers to “cease engaging with these unlicensed entities immediately,” specifically mentioning Yellow Card Financials Inc., highlighting the risks of using platforms that fall outside its oversight.
In response, Yellow Card Ghana issued a statement denying any current or past collaboration with HanyPay, the AKL Lumi stablecoin, or Yellow Pay in Ghana. The company clarified that while there was a brief API onboarding request in late 2024 from parties associated with HanyPay, no partnership was ever finalized.
Yellow Card also reaffirmed that it has been registered with Ghana’s Financial Intelligence Centre (FIC) and the Data Protection Commission (DPC) since 2020 and continues to operate transparently within the country. The company expressed its support for Ghana’s upcoming Digital Asset Regulatory Framework, expected to be finalized by September 2025.
“We take compliance seriously,” said a Yellow Card spokesperson.
“We support the development of regulated frameworks and look forward to aligning with local policy as it evolves.”
REGULATION | Bank of Ghana🇬🇭 Cautions Public Against Dealing with African Crypto and Stablecoin On/Off-Ramp, @yellowcard_app
The company is actively marketing itself as a provider of crypto payment services, activities that require regulatory approval.https://t.co/thqp9s4f6u pic.twitter.com/IzrCqAYO9x
— BitKE (@BitcoinKE) June 14, 2025
Africa’s Stablecoin Race: Innovation vs Regulation
The regulatory flare-up in Ghana is a timely reminder of the tightrope fintech companies must walk as they innovate in emerging markets.
While Yellow Card remains licensed in over 20 African countries and continues to work with regulators to ensure compliance, the Bank of Ghana’s notice signals that not all markets are moving at the same pace when it comes to accepting stablecoin infrastructure.
In contrast, countries like Kenya, Mauritius, and Botswana have either proposed or implemented digital asset frameworks, while South Africa has recognized crypto asset service providers (CASPs) under its Financial Advisory and Intermediary Services (FAIS) Act.
As stablecoin adoption gains momentum across Africa – where Chainalysis reports over 54 million users in Sub-Saharan Africa alone – the friction between innovation and regulation is likely to intensify.
🇪🇹REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis
According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T
— BitKE (@BitcoinKE) October 4, 2024
VISA and Yellow Card’s partnership represents one of the most significant attempts yet to operationalize stablecoins at scale across the continent. If successful, it could drastically reduce the cost of remittances, improve cross-border trade, and enhance liquidity for African fintechs and merchants.
However, as the Ghana case illustrates, regulatory clarity will be key to long-term success. Without alignment between public authorities and private players, these innovations may struggle to gain traction or face sudden halts.
For now, the stablecoin race is on – and all eyes are on which African markets are ready to embrace the future of money.
LIST | Here Are Popular African Fintechs You Did Not Know Are Leveraging #Stablecoins
A lot of these fintechs have obfuscated their stablecoin offerings making it quite difficult to know if they’re leveraging stablecoins to achieve this.
See list below:https://t.co/AsdaNxw8AS pic.twitter.com/anf9k3TlV2
— BitKE (@BitcoinKE) May 22, 2025
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