Anzens, Credit Bank partner up for stablecoin settlement

By Aarav Garg

Anzens, issuer of the dollar-backed stablecoin USDA, has partnered with Credit Bank PLC to explore integrating its solution into the bank’s services, subject to engagement with the Central Bank of Kenya.

The initiative aims to assess how regulated stablecoin infrastructure could complement existing cross-border payment systems within a licensed banking environment. If approved, the model would allow a dollar-backed stablecoin to be distributed, minted and redeemed through a commercial bank, positioning it as embedded payments infrastructure rather than a standalone crypto product.

Shantnoo Saxsena, CEO of Anzens, said: “Kenya is home to one of the most innovative financial ecosystems in the world, yet businesses here still pay some of the highest cross-border payment fees globally while waiting days for settlement.”

Under the proposed framework, Credit Bank customers could convert fiat currency into USDA and back, and settle cross-border payments at a flat 1.5% fee. Transactions would be initiated through existing bank accounts, with automatic currency conversion at the destination. The bank would act as custodian of funds in both Kenyan shillings and US dollars.

Betty Korir, CEO Credit Bank PLC, said: “Credit Bank has always focused on providing our clients with the tools they need to compete internationally. Stablecoins are not speculative assets in this context, they are settlement infrastructure that can move value across borders in minutes instead of days, at a fraction of the cost.”

The move comes as Kenya’s cross-border payment volumes continue to grow, with remittances reaching $5 billion in 2024. Traditional correspondent banking systems can involve multiple intermediaries, increasing costs and settlement times, while average remittance fees in Sub-Saharan Africa remain high.

The partnership also involves Yeshara, which is working to enable USDA payments for tokenised assets.