Yousend, a stablecoin-based remittance app, has officially launched in the UK and Canada after processing over $1 million in transactions during a private beta phase. The app, which facilitates cross-border money transfers, secured regulatory approvals from the UK Financial Conduct Authority, FINTRAC in Canada, and the Central Bank of Nigeria, enabling its formal rollout in these markets, according to sifted.eu.
The app’s private beta operated on a referral-only basis, allowing it to build a user base that transacted more than $1 million. Yousend’s infrastructure uses stablecoin settlement rails to replace traditional pre-funded float systems in remittance, aiming to streamline and reduce costs for expatriates and migrant workers sending money home. Adeoye Ojo, cofounder of Yousend, highlighted the regulatory milestones as key enablers for the launch.
Remittance apps are crucial for migrant workers who send money internationally, a market traditionally dominated by legacy financial services with higher fees and slower transfers. Yousend’s use of stablecoins offers a more efficient alternative, aligning with a growing trend in fintech to leverage blockchain technology for cross-border payments. The app’s regulatory approvals in multiple jurisdictions position it competitively against established players in the remittance sector.
Yousend’s launch follows its successful beta phase, with over $1 million in transactions processed. The company is now operational in the UK and Canada, with regulatory clearance from three major financial authorities, marking a significant step in expanding stablecoin-based remittance services globally.