Quidax Expands Stablecoin Payment Infrastructure Across Africa

Nigerian startup Quidax is expanding its business-to-business operations across 21 corridors in Africa, including Nigeria, Ghana, and Kenya. This move deepens the company's push into stablecoin-based settlement infrastructure. The expansion is part of a broader trend toward unbundling crypto payment infrastructure into modular services that fintechs and other enterprises can integrate without building their own stablecoin settlement systems.

Quidax currently serves over 5,000 businesses across payments, remittance, gaming, and banking, according to the company. The expansion will make it easier for businesses to move value across different countries within Africa and beyond without having to go through a correspondent bank. Quidax's co-founder and chief information officer, Morris Ebeiroma, stated that the stablecoin API in West Africa enables companies like a Nigerian business to move value to a partner in Ghana within minutes, compared with the current system which can take up to 48 hours.

Quidax generates revenue by charging businesses fees to convert local currencies into stablecoins and to redeem stablecoins into fiat currencies. The company works with partners such as Chainalysis, a blockchain analytics company, and Tether to provide compliance and settlement infrastructure for enterprise customers. Through its partnership with Tether, Quidax offers dollar-backed stablecoins like USDT and USA₮, as well as XAUt, Tether's gold-backed stablecoin, for cross-border settlements.