A Kenyan bank just partnered with Anzens to offer stablecoin remittances at 1.5%, undercutting SWIFT by 80%

Kenya’s Credit Bank PLC has partnered with stablecoin issuer Anzens to pilot USDA, a U.S. dollar-backed stablecoin, in what would make it one of the first licensed commercial banks in an emerging market to mint and distribute a stablecoin within a regulated framework.

Kenya Stablecoin Pilot comes at a critical moment, as the country seeks faster, cheaper alternatives to traditional cross-border payment rails.

If successful, the pilot could redefine how millions of Kenyans send and receive money globally.

How the USDA Model Works

At the core of the Kenya Stablecoin Pilot is USDA, a U.S. dollar-backed stablecoin issued by Anzens.

Under the proposed system, customers of Credit Bank PLC would be able to convert Kenyan shillings into USDA and back seamlessly.

Transactions are expected to settle in minutes at a flat 1.5% fee—dramatically lower than traditional remittance costs.

The bank will act as custodian for both fiat and digital assets, ensuring compliance while shielding users from blockchain complexity.

Shantnoo Saxsena emphasized the real-world impact, stating:

“A business in Nairobi trading with suppliers in Mumbai or Dubai should not pay 8% in fees and wait a week for payment to clear. With Credit Bank, that same transaction settles in minutes at 1.5%. That is what infrastructure is supposed to do.”

Kenya Stablecoin Pilot vs Legacy Systems: A Cost Revolution

The Kenya Stablecoin Pilot directly challenges the inefficiencies of legacy systems like SWIFT, which often involve multiple intermediaries and delays of up to five days.

According to the World Bank, global remittance costs average 6.45%, climbing to nearly 8% in sub-Saharan Africa. By comparison, the USDA model offers near-instant settlement at a fraction of the cost.

This matters deeply in Kenya, where diaspora remittances hit a record $5 billion in 2024, surpassing traditional exports like tea and horticulture.

The Kenya Stablecoin Pilot is not emerging in isolation—it reflects a broader shift toward stablecoin adoption across Africa.

Kenyans processed approximately $3.3 billion in stablecoin transactions in the year ending June 2024.

Across the continent, stablecoins now account for 43% of crypto activity, underscoring growing trust in digital dollar alternatives.

However, a key gap remains: regulated on-ramps. The Kenya-Stablecoin Pilot addresses this by embedding stablecoin functionality directly into a licensed banking environment.

Kenya Stablecoin Pilot and Regulation: A Balancing Act

A defining feature of the Kenya-Stablecoin Pilot is its regulatory alignment. The initiative is being developed in consultation with the Central Bank of Kenya, ensuring compliance with local financial laws.

Betty Korir highlighted this approach:

“Stablecoins are not speculative assets in this context; they are settlement infrastructure. By acting as custodian for USDA, we are embedding that capability inside a regulated banking relationship, where it belongs.”

This framing positions the Kenya-Stablecoin Pilot as infrastructure—not speculation—potentially easing regulatory concerns.

Beyond payments, the Kenya Stablecoin Pilot is expanding into tokenized assets.

Capital Markets Authority sandbox participant Yeshara is collaborating with Anzens and Credit Bank to enable USDA as a payment method for tokenized real estate and commodities.

This development could unlock new investment channels, allowing users to transact in digital assets backed by real-world value—further strengthening the use case for stablecoins in regulated markets.

What Makes Anzens Unique

Anzens brings a distinct advantage to the Kenya Stablecoin Pilot. The company operates both a regulated stablecoin and a global payments network spanning 80 countries and 41 currencies.

USDA is fully backed by U.S. dollars and Treasuries, with custody handled through BitGo Trust. The firm is dual-licensed in Lithuania and Dubai, with compliance systems covering KYC, KYT, and institutional custody.

This robust infrastructure underpins the credibility of the Kenya Stablecoin Pilot, addressing concerns around transparency and security.

The Kenya Stablecoin Pilot represents a bold experiment at the intersection of banking and blockchain. While challenges remain—particularly around adoption and regulatory clarity—the potential upside is significant.

If scaled, the model could reduce remittance costs, accelerate settlement times, and position Kenya as a leader in financial innovation across emerging markets.

For now, the industry is watching closely. The Kenya-Stablecoin Pilot may not just reshape payments in Kenya—it could set a precedent for banks globally.