Visa Tests Stablecoin Settlement for Mobile Money in DRC

Visa, M-Pesa and Onafriq are testing stablecoins in the Democratic Republic of Congo to settle cross-border mobile transactions. The project keeps the visible user experience unchanged – customers still use a mobile money interface – but shifts the settlement layer to digital dollars in the background.

The pilot targets a structural problem in Sub-Saharan Africa: cross-border transfers remain expensive and slow because many operations still route through intermediary banks, piling on fees and settlement delays. A blockchain-settled transaction can confirm faster and at lower cost, provided the partners have compliance and liquidity infrastructure in place.

Onafriq's network connects mobile wallets, banks and fintechs across several African countries. Pairing that reach with Visa's existing stablecoin settlement infrastructure – the group has run similar tests for years – lets the experiment operate in a real environment rather than a sandbox.

The choice of DRC is strategic. The country combines heavy dollar circulation, growing mobile-money adoption and significant cross-border payment demand. A dollar-indexed stablecoin can slot into that mix without asking users to open a crypto wallet or manage a private key.

That same feature creates a tension. The Central Bank of Congo has been pushing to support the Congolese franc. A dollar-pegged stablecoin that improves payment efficiency could also reinforce digital dollarization, complicating monetary sovereignty efforts. The dilemma is not unique to DRC – Nigeria already faces strong stablecoin adoption for transfers and as a hedge against local-currency depreciation.

Visa is proceeding cautiously. The pilot must answer a straightforward question: can stablecoins improve settlement speed and cost without complicating the end-user's experience? If the answer is yes, the model could extend to other African markets where mobile money is the dominant payment rail.

Success depends on liquidity, regulatory compliance and perception. Partners need to guarantee that flows are secure, that local rules are followed, and that the product is not seen as an escape route toward the digital dollar. The Central Bank's stance on the pilot will be a key variable.

Stablecoins are no longer confined to crypto trading platforms. This experiment, following Visa's earlier tests with USDC on Solana, confirms that cross-border settlement is becoming a competitive battleground between payment networks, fintechs and banks.