NymCard, a payments entity covering the CMEA region, currently handles payments for Circle. $USDC MENA region stablecoin with participation of Visa. The company settles card transactions with Visa in the following ways: $USDC. This efficiently provides 24/7 service.
The benefits for issuers include reduced operating costs, pre-funding requirements, and collateral. This is an easier payment method. According to NymCard CEO Omar Onsi, the company is the first issuer to offer stablecoin payments in the GCC region. For him, this is part of providing advanced payment services.
Visa head of product Godfrey Sullivan reiterated this, noting that stablecoins are redefining the way value moves globally.
Stablecoin market is growing in GCC and MENA regions
PwC predicts that financial services linked to stablecoins in the GCC will grow at 32% annually. Stablecoins accounted for 52% of all crypto transactions in the Mena region in the year to June 2024.
The UAE has already approved the AED stablecoin and the UAE federal government fully supports AE coin payments for government services. especially $USDC and USDT are approved by UAE’s ADGM and DIFC.
Additionally, Saudi Arabia noted that it also plans to introduce stablecoin payments.
