SCRYPT expands stablecoin settlement in East Africa

SCRYPT, a digital asset infrastructure provider, announced the expansion of its licensed stablecoin settlement infrastructure across four East African markets: Kenya, Tanzania, Rwanda, and Uganda. The expansion enables banks, payment providers, and corporate treasury teams to convert local currencies (Kenya — Kenyan shilling, Tanzania — Tanzanian shilling, Rwanda — Rwandan franc, Uganda — Ugandan shilling) directly into stablecoins without first sourcing U.S. dollars, reducing FX conversion costs and settlement times. The move addresses the challenge of accessing U.S. dollars in African markets, where bank dollar liquidity is constrained and correspondent banking is slow and expensive. SCRYPT's CEO Norman Wooding and Managing Director Gabriel Titopoulos emphasized that stablecoin adoption in Africa is driven by economic need for efficient cross-border payments and treasury management. The new corridors are integrated into SCRYPT's existing platform for trading, custody, and treasury operations.