Payments entity NymCard, which covers CMEA region is now settling Circle’s USDC stablecoin in MENA region with the participation of Visa. The company will settle card transactions with Visa using USDC. This will offer 24/7 service in a streamlined way.Â
The benefits for issuers is that they can lower operational costs, and pre-funding requirements as well as collateral. It is a more simple way to settle payments. According to the CEO of NymCard, Omar Onsi, the company is the first issuers in the GCC region to offer stablecoin settlement. For him this is part of offering advanced payment services.Â
Visa’s Head of Product, While Godfrey Sullivan, reasserted this noting that stablecoins are redefining how value moves globally.Â
Stablecoin market is growing in GCC and MENA region
PwC estimates that stablecoin-linked financial services in the GCC will grow at 32 percent per year. Stablecoins made up 52 percent of all cryptocurrency transactions carried out in the Mena region in the year to June 2024.
The UAE has already approved its AED stablecoin and the UAE Federal government is fully supporting AE Coin payments for governmental services. Notably USDC and USDT have received approvals in UAE’s ADGM as well as DIFC.
Moreover Saudi Arabia has noted that it will also be introducing stablecoin payments.
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