Visa is working to integrate stablecoins into existing payment systems, seeing an opportunity to maintain its market leadership as these tokens gain traction, Visa’s head of crypto, Cuy Sheffield, said in an interview. Stablecoins, cryptocurrencies typically pegged to the US dollar, allow funds to be moved outside traditional banking systems. While their circulation has surged,…
Standard Bank has become the first African bank to directly integrate with China’s Cross-Border Interbank Payment System (CIPS), providing African companies with a faster route to pay Chinese suppliers in Renminbi, rather than routing transactions through the US dollar. The integration removes an extra step long embedded in Africa-China trade flows, where companies typically settled…
Africa’s continental free trade area offers long-term promise, but expecting it to quickly compensate for US trade losses may be unrealistic. There’s a lot of hype right now about how intra-African trade through the African Continental Free Trade Area (AfCFTA) could replace the considerable loss of African exports to the United States (US) precipitated by…
