Aptos Foundation Collaborates to Establish Stablecoin Corridor Between Middle East and Africa
The Aptos Foundation has partnered with Daya, a Pan-African payments startup, and HashKey MENA to create a regulated stablecoin corridor aimed at improving cross-border payments between the Middle East and Africa. This initiative, announced on June 4, focuses on establishing a business-to-business (B2B) settlement infrastructure that links the United Arab Emirates (UAE) and the broader Middle East and North Africa (MENA) region with African markets, starting with Nigeria and its local currency, the Naira.
Cross-border payments in this region have been characterized by high fees and slow settlement times, with the World Bank reporting an average remittance fee of 7.9% for a $200 transfer to Sub-Saharan Africa. The partnership aims to address these challenges by leveraging stablecoins, which have gained popularity in Africa, where 79% of users in leading markets hold stablecoins. The pilot seeks to provide a compliant on-ramp and off-ramp structure that businesses can utilize without regulatory concerns.
HashKey MENA, operating under a VARA license in Dubai, will facilitate fiat-to-stablecoin conversions, while Daya will provide local currency off-ramp infrastructure tailored for African markets. The Aptos blockchain will serve as the settlement layer, chosen for its efficiency in handling high transaction volumes at low costs. This collaboration also aims to extend HashKey's existing regulated corridor network, which currently connects Hong Kong, the Philippines, Vietnam, and the UAE, into the rapidly growing mobile money market in Africa.
As the pilot progresses, it will need to navigate the complex regulatory landscape in Nigeria, where the relationship with cryptocurrency has fluctuated. By focusing on B2B transactions, the initiative may encounter less regulatory scrutiny compared to consumer remittances, potentially allowing for smoother operations as it scales.
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Source: KLEA News