Tether recently partnered with Yellow Card to drive crypto education and adoption among African youth.
Specifically, activities include financial literacy tours at universities and a propaganda campaign that involved Yellow Cards brand ambassadors reaching out to individuals in the countries’ major cities.
Full details follow.
Summary
The collaboration between Tether and Yellow Card to foster crypto adoption
Yellow Card, one of the leading fintech and cryptocurrency exchanges in Africa, and Tether, the world’s largest stablecoin provider, are pleased to announce the successful completion of Phase 1 of their strategic collaboration to drive crypto adoption in three major markets.
During a two-month collaboration, the goal was to raise awareness, educate and promote the adoption of USDT, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.
More than 10,000 young people were reached, including students from six universities who participated in the Financial Literacy Tour events, including the University of Nairobi in Kenya, the University of Benin in Nigeria, and Kwame Nkrumah University of Science and Technology in Ghana.
Participants in the events gained a greater understanding of the mechanisms of stablecoins, blockchain technology, and the importance of making responsible financial decisions.
They also each received their first USDT on the Yellow Card platform. Indeed, Peter Mureu, marketing director of Yellow Card, had the following to say about this:
“Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth.
This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa so does the need for financial education.”
Crypto adoption and financial education in Africa
As the data showed, between 2021 and 2022, crypto adoption in Africa increased by a remarkable 1,200%, making a rapid increase in education on the subject essential as well.
Despite the potential of cryptocurrencies to play a vital role in the future, there is still considerable hesitation on the part of companies and individuals to embrace this emerging currency.
This reluctance can be attributed to a widespread lack of awareness and understanding of cryptocurrencies and blockchain technology. Indeed, the Yellow Card and Tether collaboration aims to play a key role in bridging this knowledge gap.
Stablecoins, like USDT, face unique challenges in Africa and offer practical solutions.
Given the significant remittances African countries receive from diaspora populations working abroad, Tether provides a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels characterized by high fees and delays.
In addition, USDT enables gig economy workers to receive fast and secure payments instantly across borders, avoiding intermediaries such as banks or payment processors.
Paolo Ardoino, CTO of Tether, said in this regard:
“We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market. 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.”
Tether’s USDT sets a new all-time high
Major crypto news for Tether: the stablecoin issuer said Tether’s USDT market capitalization surpassed the previous all-time high of $83.2 billion on 1 June.
According to DeFillama‘s data, about half of USDT’s circulating supply of $42.86 billion is on the Tron blockchain, while $33.37 billion of its supply is on Ethereum.
In addition, the stablecoin has a significant presence on other blockchain networks such as Binance Smart Chain, Polygon, Solana, Avalanche, and others.
Finally, Tether’s transparency data for 1 June show total assets of $85.6 billion and liabilities of $83.2 billion, with a cash cushion of $2.4 billion.
