Anzens Partners with Credit Bank to Explore Stablecoin Integration in Kenya

Digital asset infrastructure firm Anzens has announced a partnership with Credit Bank PLC to explore integrating its dollar-backed stablecoin, USDA, into the bank’s financial services.

The initiative, still in its exploratory phase and subject to regulatory approval, aims to assess how regulated stablecoin infrastructure can enhance cross-border payments within a compliant banking framework. The move reflects a broader shift toward modernising global payments by bridging traditional finance with blockchain-based technologies.

If approved, the partnership could mark a first for an emerging market, enabling a dollar-backed stablecoin to be distributed, minted, and redeemed through a licensed commercial bank. Unlike standalone crypto products, USDA would function as an underlying payments infrastructure embedded within existing banking systems.

Under the proposed model, Credit Bank customers would be able to convert fiat currency into USDA and back, while conducting cross-border transactions at a flat fee of 1.5%, regardless of the payment corridor. Transactions would be initiated through existing bank accounts, with automatic conversion into local currency at the receiving end. Customers would also retain the flexibility to revert to fiat at any time.

Credit Bank would act as custodian for both Kenyan shilling and US dollar funds, creating a regulated bridge between traditional banking and stablecoin-based settlement while keeping the underlying blockchain layer largely invisible to end users.

“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,” said Shantnoo Saxsena. “With Credit Bank, that same transaction can settle in minutes at 1.5%. That is what infrastructure is supposed to do.”

The partnership comes amid rising demand for efficient cross-border payments in Kenya. According to the Central Bank of Kenya, diaspora remittances reached a record $5 billion in 2024, surpassing key export sectors such as tea and horticulture. However, legacy payment systems have struggled to keep pace.

Traditional SWIFT-based transfers often rely on multiple intermediary banks, driving up costs and extending settlement times to as long as five working days. The World Bank estimates the global average cost of remittances at 6.45%, rising to nearly 8% in Sub-Saharan Africa.

As a result, alternative payment methods are gaining traction. Stablecoin transactions in Kenya reached $3.3 billion in the year to June 2024, while across Africa they now account for 43% of all crypto transactions. However, regulated frameworks to support their use within mainstream banking remain limited.

“Stablecoins are not speculative assets in this context; they are a settlement infrastructure that can move value across borders in minutes instead of days, at a fraction of the cost,” said Betty Korir. “By partnering with Anzens, we are bringing that capability into a regulated banking environment.”

A key barrier to wider stablecoin adoption has been the lack of seamless fiat conversion channels. The proposed integration seeks to address this by embedding the full fiat-to-stablecoin cycle within a licensed bank, reducing reliance on crypto exchanges and informal intermediaries.

Beyond payments, the collaboration is also extending into tokenised real-world assets. Yeshara, operating under a regulatory sandbox approved by the Capital Markets Authority, is working with Anzens and Credit Bank to enable USDA payments for tokenised real estate and commodities, with the bank acting as custodian.

Anzens positions itself as a provider of regulated stablecoin infrastructure combined with a global payments network. USDA is fully backed by dollar-denominated reserves, including US government treasuries, and held under institutional custody by BitGo Trust. The network spans more than 80 countries and 41 currencies, supported by regulated liquidity providers, with licensing in Lithuania and Dubai.

The outcome of the partnership will depend on regulatory engagement, but it signals growing momentum toward integrating digital asset infrastructure into Africa’s formal banking ecosystem.