Raenest Unveils New Stablecoin Features for Global Transactions

Innovative Product Launch

Nigerian fintech company Raenest has rolled out a range of innovative products aimed at streamlining financial transactions for freelancers and international businesses. This new suite enables users to receive, save, and spend money across various currencies from a singular account, significantly broadening the platform’s offerings.

These features were launched during the Raenest Exchange community event held in Lagos on October 21. Key additions include stablecoin payment options, cryptocurrency deposits, and both virtual and physical cards. Notably, Raenest is introducing savings vaults that provide up to 7% annual interest on stablecoin and dollar deposits, while naira savings can yield as much as 16%.

Expansion into the U.S. Market

This launch represents a continuation of Raenest's ambitious growth strategy, particularly since its expansion into the U.S. market last year. By offering products tailored for freelancers including payouts, stock investments, and stablecoin conversions, the company is working to enhance how users manage their earnings post-receipt.

“As our opportunities grow globally, we realized our monetary systems had to keep pace,” explained Majemu Olowodola, Raenest's Senior Product Manager, during the announcement. “We asked ourselves: What if your money could adapt to the life you're crafting for yourself?” This inquiry serves as the company's guiding principle.

Enhanced Payment Options

With the new features, freelancers can create invoices that allow clients to pay via bank transfer, credit card, or stablecoin. Once payments are received, users have the option to retain the stablecoin or convert it into various supported currencies like naira, dollars, pounds, and euros.

Raenest is also set to enable users to receive popular cryptocurrencies, including Bitcoin, Solana, and Ethereum, which can be automatically converted into USDC at the time of deposit. “Managing volatile assets and ensuring financial stability are separate challenges,” added Olowodola. “With Raenest, we simplify the process by automatically converting these assets to stablecoins.

New Saving and Spending Features

The introduction of Raenest Vaults allows users to save in naira, dollars, or stablecoins while earning interest through their deposits. The stablecoin and dollar vaults promise returns of up to 7%, while naira vaults offer a competitive 16%, giving users flexibility in how they save.

Additionally, Raenest has unveiled two new virtual card types—a prepaid card dedicated to specific spending and a standard card linked to users' Raenest balances. This innovation minimizes transaction steps, allowing users to spend directly from their wallets without the need for conversions.

A physical card is also being introduced, suitable for both online and in-person transactions, along with ATM withdrawals. Users can conveniently add this card to their Apple Wallet or Google Wallet, allowing access to their funds across different digital currencies.

A Growing Market Opportunity

The launch of stablecoin features comes at a pivotal time, as Africa's cross-border payments market was valued at approximately $329 billion in 2025 and is predicted to hit $1 trillion by 2035. This growth trajectory is underscored by the increasing number of digital workers and the rise of the creator economy.

However, the cost of cross-border income transfer remains a challenge, averaging around 8.45% in Sub-Saharan Africa according to World Bank statistics. This situation provides Raenest an opportunity to optimize the value offered to its users by enhancing payment and saving functionalities.

Raenest faces competition from various fintech companies, including Grey, LemFi, and Elevate Pay, which are also targeting African freelancers with foreign currency accounts and stablecoin offerings. As the innovation around stablecoins gains momentum, several other fintech companies in Africa are developing their own products in this realm.

Most recently, Raenest expanded its services to India and the Philippines, catering to freelancers earning from abroad. This followed a successful $11 million Series A fundraising round that supports new ventures and features, reinforcing their commitment to simplify financial management.

“Our philosophy is straightforward—users shouldn’t need to be financial experts,” Olowodola emphasized. “What matters most is your ability to efficiently access and utilize your funds.”