🟠 Stablecoins surpass Visa in global payment volume

Stablecoins outpace Visa in transaction volume for the first time

Topline: Stablecoins have quietly achieved a significant milestone, processing more transaction volume than global payments giant Visa in 2024, according to a new report from Bitwise Investments. (Details)

Key details: Visa processed an impressive $13.2 trillion in 2024 (up $900 billion from the previous year), but stablecoins managed to edge slightly past this figure.

• Stablecoins as assets under management (AUMs) jumped to $218 billion, representing a 13.5% increase in three months.
• This historic flip comes after years of consistent growth in stablecoin adoption, particularly in regions facing forex shortages.

Key context: Stablecoins are proving particularly valuable in the Global South, where they account for nearly half of all crypto transaction volume, more than double that of Bitcoin.

• Chris Maurice, CEO of Yellow Card, puts it bluntly: “About 70% of African countries are facing an FX shortage. [...] Stablecoins provide an opportunity for businesses to continue to operate, grow, and strengthen the local economy.”
• Circle (USDC issuer) is capitalizing on this trend, recently launching a system for international payments using stablecoins and partnering with several traditional financial institutions.

Note of caution: The rapid growth of stablecoins, especially in savings and payments, brings systemic risk if not adequately regulated. Without strong safeguards, mass redemptions could lay the groundwork for a 2008-style crisis by destabilizing issuers like Circle and Tether.

Nigerian fintechs embrace blockchain for POS payments

Topline:​ Point-of-sale (POS) terminal providers Accelerex and ITEX have joined Zone’s regulated blockchain network, allowing them to process payments directly on-chain. (Details)

The details: This integration eliminates the middlemen in payment processing, routing transactions directly to card-issuing financial institutions.

• Both companies will benefit from instant settlement, reduced transaction failures, and better fraud prevention through blockchain’s traceability.
• Accelerex and ITEX join other fintechs, including Onafriq’s Baxi, Fairmoney and KongaPay, on Zone’s private blockchain network.

Key quotes: Accelerex’s managing director Chuks Anakudo:

“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance.”

Some background: Zone Network, initially built on Hyperledger Fabric, functions as a decentralized payments switch among financial institutions in Nigeria.

• The platform has evolved beyond ATM transactions to include blockchain-based POS services, with 24 traditional companies now utilizing the system.

Zap Africa is rebuilding crypto trust in Nigeria — while fighting to protect its name

Topline: As trust issues plague centralized crypto platforms, Zap Africa seeks to solve that problem with its non-custodial approach to crypto and fiat swaps. (Details)

The details: Launched in the aftermath of FTX’s collapse, Zap emphasizes user control and transparency by never holding customer funds beyond what’s needed to complete transactions.

• The platform has processed ₦20 billion (about $12.5 million) since launch and claims over 50,000 signups with 12,000 monthly active users.
• Zap managed to facilitate crypto-to-fiat conversions to Nigerian bank accounts even before the CBN officially lifted its crypto ban in December 2023.

How it works: Users specify a bank account for naira payouts and provide a wallet address to send crypto, maintaining complete control of their assets.

• The company partnered with Platnova’s CEO to secure a European VASP license, helping them build payment APIs and work with banks.
• Zap maintains liquidity pools to ensure instant payouts.

Trademark battle update: The company faces a trademark dispute with fintech giant Paystack.

• Zap Africa has received approvals for three trademark registrations in Nigeria as of April 2025 and intends to pursue legal action to protect its brand name against Paystack’s claims.

Stablecoins are becoming the backbone of digital finance — from cross-border payments to government policy. Each week, we track the most important developments shaping this evolving market for you.

1. One big thing: Meta revives stablecoin plans after three-year crypto hiatus

Three years after abandoning its Diem project, Meta is exploring stablecoin-based payouts for creators across its platforms, according to sources familiar with the talks. The move signals Big Tech’s renewed interest in stablecoins amid shifting U.S. political winds and growing adoption by firms like Stripe, Visa, and Fidelity. (Fortune)

2. U.S. Senate delays stablecoin bill amid concerns over Trump ties

A procedural vote to advance stablecoin legislation failed in the Senate, falling short of the 60 votes needed to move forward. The delay came after last-minute objections from Democrats and concerns over Trump’s crypto ties. (CoinDesk)

3. Stripe launches stablecoin accounts for users in 100+ countries

Stripe has officially announced the support of stablecoin-funded accounts for its users across over 100 countries. Supported stablecoins for now are Circle’s USDC and the USDB — the native dollar stablecoin on Bridge, Stripe’s recently acquired crypto infrastructure. (Bloomberg)

➕ More stablecoin headlines

• OKX executive urges prioritization of utility over hype in RWA projects.
• Tether mints an additional $1 billion on Tron blockchain.
• Ramp announces stablecoin-backed corporate cards for cross-border transactions.
• World Liberty Financial explores USD1 airdrop to WLFI holders.
• USDT goes live on Kaia blockchain.
• Trump-backed USD1 becomes the 7th-largest stablecoin by market cap.

Catch up

🇰🇪 Kenyan court orders Worldcoin to delete all biometric data (Mariblock)

🌍 REPORT | USDT stablecoin dominates the crypto lending market with over 73% market share (BitKe)

🇿🇦 The South African town where you can pay for almost everything with Bitcoin (My Broadband)

Opportunities

• Sign up for Bybit Academy via AltSchool Africa here.
• The Network School is launching a $100,000 fellowship for founders and creators. Apply here.
• UNICEF Venture Fund is offering $100,000 in equity-free funding for blockchain and frontier technology startups. Apply here.

That’s all for this week!

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Till next week,

Ogechi.