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PayU and CELO partners up to bring stablecoin payments to merchants

They will launch a new stablecoin option for PayU’s 450,000 merchant customers using cUSD

PayU, the payment gateway of the investment group Prosus has partnered with decentralised payments protocol Celo to bring stablecoin payments to its merchants and it will be available to thousands of merchants soon, according to media reports.

They will launch a new stablecoin option for PayU’s 450,000 merchant customers using cUSD, Celo’s personal stablecoin. Together, PayU’s clients will reach millions of users across regions like Latin America, Africa, and Southeast Asia.

PayU is also purchasing Celo utility, governance token and partnering up with payment infrastructure company First DAG and Celo’s Alliance For Prosperity to enable its merchants to accept Celo’s stablecoin, cUSD.

CELO’s first DAG’s platform will help to become a middleman between the merchant and its bank of choice. This will let merchants easily accept stablecoin payments without having to integrate additional blockchain components.

Mario Shiliashki, CEO, PayU Global Payments Organisation told the media, “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.”

PayU also mentioned that their stablecoins are also suited for the high-growth markets they operate in since it will be easier to get access to USD and EUR-backed digital assets that which provides some sort of cushion to the volatile nature of the fiat currency and other cryptocurrencies.

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