Stablecoin Rails Gain Traction in MENA With Real Product Adoption, Movement Says
TL;DR:
- HesabPay operates on stablecoin infrastructure and recorded over 1 million transactions in the MENA region, with a value of approximately $154 million.
- HesabPay launched up to 1 million Visa cards in Afghanistan and supported more than 625,000 refugees with assistance through its prepaid cards.
- Movement notes that MENA is no longer an aspirational market for crypto assets, but a region with real adoption of digital financial products.
The stablecoin ecosystem in the MENA region is moving beyond infrastructure promises to become a set of financial products with real and measurable use. That is the assessment put forward by Movement in an analysis recently published by Torab Torabi, where the company addresses HesabPay’s progress as concrete evidence that adoption is already happening on the ground.
The starting diagnosis is precise: cross-border money movement in MENA remains slow, fragmented and costly. Legacy payment chains involve delays, multiple manual steps and fees on flows that people use on a daily basis. Even where average remittance costs in the region compare favorably with other developing areas, unnecessary systemic complexity persists.
… Continue reading the full article at the original source below.
