“With stablecoins, it just cuts out so much of that complexity for international transactions.” – 02:51
Chris Maurice, CEO at Yellow Card, joins Remy Blaire at the New York Stock Exchange to discuss the evolving landscape of stablecoins and their impact on global finance, particularly in emerging markets.
Chris explains how stablecoins are revolutionizing the way businesses interact with the U.S. dollar, which remains the dominant currency in global trade. He emphasizes the challenges that companies face when dealing with traditional banking systems, such as time zone issues, liquidity problems, and the need for approvals from financial institutions in New York. Stablecoins, he argues, eliminate these complexities, allowing businesses to move their money freely and efficiently across borders.
The pair explores the unique dynamics of the sub-Saharan African market, where the need for cross-border transactions is heightened due to the continent’s diverse and interconnected economies. Chris draws a parallel to the friction that would exist if sending money between U.S. states were as cumbersome as it is in many parts of the world today. He highlights the significant demand for stablecoin remittances in sub-Saharan Africa, with monthly transactions exceeding $500 billion.