SCRYPT expands stablecoin settlement network into four East African markets

SCRYPT, a Digital asset infrastructure provider, has expanded its licensed stablecoin settlement infrastructure across four East African markets, a move aimed at helping banks, payment providers, and corporate treasury teams settle cross-border transactions faster using local currencies.

The expansion introduces settlement support for the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX), allowing businesses to convert local currencies directly into stablecoins without first sourcing U.S. dollars.

The company said the move addresses one of the biggest challenges facing cross-border payments in many African markets, where access to U.S. dollars remains limited due to constrained bank liquidity, volatile local currencies and expensive correspondent banking networks.

“Across Africa, stablecoin adoption is driven by economic need, not speculation,” said Norman Wooding, founder and chief executive officer of SCRYPT. “Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for,” he said.

Businesses making international payments have had to convert local currencies into U.S. dollars before purchasing stablecoins for settlement, resulting in multiple foreign exchange conversions and additional costs.

With the new infrastructure, SCRYPT said businesses can complete the process in a single licensed transaction by moving directly from local currency into stablecoins, eliminating the need for an intermediate dollar conversion.

The company noted that the new corridors are integrated into its existing digital asset infrastructure, enabling clients to access stablecoin settlement through the same platform they use for trading, custody and treasury operations.

Gabriel Titopoulos, managing director of Markets and Trading at SCRYPT, said the expansion removes a longstanding barrier for businesses operating across Africa.

“Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs,” Titopoulos said. “SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”

The announcement comes as stablecoins continue to gain traction globally as a payment and settlement tool, particularly in emerging markets where businesses seek faster, lower-cost alternatives to traditional cross-border payment systems.

SCRYPT said the expansion is intended to help financial institutions, payment providers, and multinational companies move capital more efficiently across Africa by providing licensed access to stablecoin settlement via local-currency payment corridors.