"Credit Bank customers would be able to convert fiat currency into USDA and back, settling international payments at a flat 1.5% fee. Transactions would clear in minutes, with automatic conversion into local currency at the destination."
"Anzens CEO Shantnoo Saxsena underscored the potential impact: A business in Nairobi trading with suppliers in Mumbai or Dubai should not pay 8% in fees and wait a week for payment to clear. With Credit Bank, that same transaction settles in minutes at 1.5%."
Credit Bank PLC has partnered with Anzens to pilot the USDA stablecoin, aiming to integrate regulated blockchain into Kenya's banking system. This initiative could position Credit Bank as a pioneer in emerging markets for minting and distributing stablecoins. Customers will convert fiat to USDA for international payments at a flat 1.5% fee, with transactions clearing in minutes. The partnership seeks to enhance cross-border payment efficiency, reducing costs significantly compared to traditional methods. Credit Bank will ensure compliance while simplifying blockchain complexities for users.
Read at news.bitcoin.com
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