PayU is teaming up with mobile-first open-source blockchain payments outfit Celo to launch a new stablecoin option to hundreds of thousands of merchants.
Prosus-owned PayU is one of the world's biggest online payment service providers, operating in more than 50 markets, supporting over 450,000 merchants and millions of customers across Latin America, Africa, Europe and Asia.
The firm is now making a purchase of the Celo utility and governance token and partnering with payment infrastructure company First DAG and Celo’s Alliance For Prosperity to let its merchant accept Celo’s stablecoin, cUSD.
First DAG’s platform will act as a middle layer between the merchant and its bank of choice, so that merchants can seamlessly accept stablecoin payments without integrating additional blockchain components.
PayU says that stablecoins are particularly well-suited for the high-growth markets it operates in because they provide access to USD and EUR-backed digital assets that are protected from the volatility of some fiat currencies and of cryptocurrencies more broadly.
Mario Shiliashki, CEO, PayU Global Payments Organisation, says: said: “This move aligns with our vision of a world without financial borders where everyone can prosper.
"We strive to equip merchants and their customers with the latest payments solutions and this drive has led us to invest in Celo and purchase tokens, in addition to integrating the stablecoin offering for our clients and partners."