SCRYPT has expanded its licensed stablecoin settlement infrastructure into four East African markets. This will make it easier for banks, payment providers and corporate treasury teams to move funds between local currencies and stablecoins in real time.
The expansion also brings direct settlement support for the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). This provides businesses with a new way to tap into stablecoin-based cross-border payments without first having to purchase US dollars through traditional banking channels.
The move comes as the popularity of stablecoins in Africa is on the rise. Companies are using the dollar-backed digital currencies to facilitate international trade, supplier payments and treasury management as foreign exchange remains constrained.
“Across Africa, stablecoin adoption is driven by economic need, not speculation,” said Norman Wooding, Founder and CEO of SCRYPT. “Businesses here are not chasing yield, they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
The company describes the process simply as “local currency in, stablecoin out,” enabling firms to access stablecoin settlement without relying on increasingly scarce bank dollar liquidity.
According to SCRYPT, the new settlement corridors integrate with its existing digital asset operating system, allowing clients to access trading, custody and treasury services through a single infrastructure platform.
“Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs,” said Gabriel Titopoulos, Managing Director, Markets & Trading at SCRYPT. “SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
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Also Read: How Stablecoins Drive Modern-Day Digital Assets and Innovation in Africa