Stablecoins are increasingly being used across Africa as a cheaper and faster remittance option, with remittances becoming “more important than aid” on the continent, according to Vera Songwe, a former UN under-secretary-general.
Speaking at a World Economic Forum panel in Davos, Switzerland on Thursday, Songwe said traditional money transfer services in Africa often cost about $6 for every $100 sent, making cross-border payments expensive and slow.
She said stablecoins are cutting fees and settlement times, allowing individuals and small…

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