1 June 2023 - Tether, the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, announced today a collaboration with Yellow Card, a prominent pan-African fintech and cryptocurrency exchange.
Together, they have completed Phase 1 of their strategic alliance, focusing on raising awareness, providing education, and fostering the adoption of Tether's stablecoin, USD₮, among students and young professionals in Nigeria, Kenya, and Ghana. This two-month endeavor involved various activities, including Financial Literacy Tours in universities and a canvassing campaign where Yellow Card's Brand Ambassadors engaged with individuals across major cities in these three countries.
The collaboration successfully reached over 10,000 young people, including students from renowned institutions such as the University of Nairobi in Kenya, the University of Benin in Nigeria, and the Kwame Nkrumah University of Science and Technology in Ghana. Participants gained insights into the mechanics of stablecoins, acquired a deeper understanding of blockchain technology, and learned about the importance of responsible financial decision-making. Furthermore, each attendee received their first USD₮ on the Yellow Card platform.
"This remarkable collaboration with Tether has provided us with an invaluable opportunity to witness the profound impact of financial education on the youth. It seamlessly aligns with our overarching mission to promote financial freedom for all, encompassing initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa, so does the need for financial education," stated Peter Mureu, Director of Marketing at Yellow Card.
Africa experienced a staggering 1200% surge in cryptocurrency adoption between 2021 and 2022, necessitating a rapid increase in education. However, widespread hesitancy among companies and individuals to embrace this emerging currency persists, primarily due to a lack of awareness and understanding of cryptocurrencies and blockchain technology. The collaboration between Yellow Card and Tether aims to bridge this knowledge gap and play a pivotal role in promoting widespread adoption.
"We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said Paolo Ardoino, CTO of Tether. “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa's increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”
Stablecoins, such as USD₮, offer practical solutions to unique challenges faced in Africa. They provide convenient and cost-effective methods for cross-border payments, addressing the substantial remittances received by African countries from their diaspora populations working abroad. By reducing reliance on traditional channels with high fees and delays, Tether empowers gig economy workers to receive fast and secure payments across borders, bypassing intermediaries like banks or payment processors.
The achievements thus far in the Yellow Card and Tether collaboration reaffirm the importance of financial education and lay the groundwork for continued collaboration in Phase 2. The next phase aims to reach an even broader audience across the continent, with a continued focus on educational initiatives. This includes the development of digital courses to equip more Africans with the knowledge and skills required to navigate the world of stablecoins and cryptocurrencies.
Driving the Future of Money
Tether supports and empowers growing ventures and innovation throughout the blockchain as a digital token built on multiple blockchains.