For Nkiru Uwaje, co-founder and chief operating officer of trade payments group Mansa, stablecoins are an integral part of her daily corporate life.
The tokens, a form of cryptocurrency that acts like cash, account for 90 per cent of business activities at the group, which helps small businesses in Africa, south-east Asia and South America. Payments to customers and her young team are made using tether, the world’s largest stablecoin, and Mansa received its fundraising the same way.
Uwaje, a former executive at bank messaging group Swift, says stablecoins are far superior to the network of correspondent banks that handle most of the world’s cross-border transactions — which take longer, charge more and occasionally make mistakes.
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