Zimbabwean billionaire's firm to expand stablecoins in Africa

Circle Internet Group Inc. has entered into a strategic partnership with Cassava Technologies, owned by Zimbabwean billionaire Strive Masiyiwa, to expand the use of stablecoins across Africa's fast-growing digital payments sector.

The deal marks Circle's first entry into the African market and will enable users of Sasai Fintech Ltd, Cassava's financial technology platform, to send and receive funds using USDC, a US dollar–pegged stablecoin issued by Circle.

Cassava Technologies, which operates in more than 30 African markets through Sasai, is expected to bring the service to millions of users across the continent, significantly broadening access to digital financial services.

The partnership also aligns with Cassava's broader push into emerging technologies, including its recent artificial intelligence initiatives supported by Nvidia technology.

Masiyiwa said the collaboration represents a major step in unlocking Africa's digital economic potential.

"Africa's digital economy is entering a new era, driven by a mobile-first generation and increasing cross-border commerce and entrepreneurship," he said.

He added that integrating USDC into the Sasai platform will help improve financial inclusion, support businesses, and simplify cross-border payments across Africa's fragmented financial systems.

The move comes as stablecoins continue to grow rapidly in global markets, with their total market value rising from about $20 billion in 2020 to over $246 billion by May 2025.

In Africa, dollar-backed digital currencies are increasingly seen as a hedge against local currency volatility and a tool for easier, faster cross-border transactions—especially in economies where traditional banking systems remain costly or limited.

The partnership is expected to position Cassava and Circle at the forefront of Africa's evolving digital finance landscape.