YouSend Launches Stablecoin Remittance App in Canada and UK

YouSend Payments Ltd has launched a stablecoin-powered cross-border remittance application in Canada and the United Kingdom. The platform specifically targets African immigrants sending funds to Nigeria, Ghana, Kenya, and Tanzania, replacing the legacy prefunded float model with stablecoin settlement to reduce costs and increase speed.

During its private beta phase, the app processed over 10,000 transactions totaling more than $1 million. Performance data indicates that 95% of these transfers were completed in under two minutes, with average settlement times falling below 15 seconds.

The company has obtained regulatory approvals from the UK Financial Conduct Authority, Canada's FINTRAC, and the Central Bank of Nigeria. Backed by Digital Currency Group and CoinSwitch Ventures, YouSend plans to expand its service availability to the United States and the European Union in the coming weeks.