Circle Ventures, an affiliate of Circle Internet Group, has invested in CrissCross, a South African cross-border payments infrastructure provider operating across more than 30 African markets.

The investment was made through Stitch Group, the parent company of CrissCross. Financial terms of the transaction were not disclosed.

CrissCross provides cross-border payments infrastructure for businesses operating across African markets, including local collections, automated payouts, corporate treasury management and real-time foreign exchange through a single API.

The platform connects blockchain-based settlement with local currency payments into bank accounts and mobile money wallets across the continent. It operates in more than 30 markets, supports over 20 currencies and reports 99.99% uptime.

Its clients include multinational corporations, financial institutions and platforms seeking to move funds across Africa's complex payment corridors.

The investment comes as businesses and financial institutions increasingly seek faster, cheaper and more transparent alternatives to traditional correspondent banking arrangements.

Stablecoins, initially associated primarily with speculative trading, are increasingly being used as a settlement mechanism, particularly in markets where currency volatility and limited liquidity can complicate cross-border transactions.

CrissCross aims to address these challenges by connecting blockchain-based settlement infrastructure with local payment networks in African markets that have historically been difficult for international platforms to serve.

"Africa's cross-border payments market is enormous, complex and underserved. Circle Ventures' investment validates what we are building: infrastructure capable of managing that complexity at scale," said James Cope, General Manager of CrissCross.

"We are excited to support CrissCross as it scales its stablecoin-powered payments infrastructure across African markets, which represent some of the most complex and underserved payment corridors in the world," said Brian Schultz, Vice President of Corporate Development and Ventures at Circle.