USDT issuer Tether partners NODO for stablecoin education in Africa
The partnership comes amid an intensifying battle for stablecoin market share in Africa. Last year, stablecoin volume exceeded $30 billion.
Tether, the USDT stablecoin issuer, has partnered with African Web3 community-building platform NODO to drive stablecoin education in Africa.
The details
- The partnership, scheduled for six months, will see NODO educate consumers through online Ask Me Anything (AMA), workshops and question-and-answer sessions.
- Offline, NODO says it will host roadshows and seminars across major cities.
What they’re saying
Tether CEO Paolo Ardoino said:
“Our main goal is to redefine traditional finance, as we are already doing, and to ensure financial freedom for the underserved, unbanked population, especially in Africa. We are excited to be working with NODO to achieve this.”
NODO’s co-founder Shogo Ishida said:
“Access to finance in Sub-Saharan Africa currently stands at 49%, significantly lower than the global average of 76%. We posit that fostering market expansion and advancing financial literacy across Africa will wield substantial influence in addressing the region’s financial obstacles through education”
The battle for stablecoin dominance in Africa
- A major theme from last year’s global adoption report from Chainalysis was the growing stablecoin adoption on the continent.
- The head of research at Chainalysis told Mariblock that stablecoin volume represented over 50% — more than $30 billion — of the total crypto volume attributed to Africa between June 2022 and July 2023.
- This trend is turning Africa into a battleground for stablecoin issuers, with heavyweights Tether and Circle (the issuer of USDC) looking to capture a significant portion of the market.
- The two issuers have partnered with pan-African exchange Yellow Card to drive crypto adoption on the continent.
