Super Group has released plans to launch a stablecoin for the South African market.
As part of its third-quarter results, the company laid out plans for the November release of a stablecoin pegged to the South African rand on the Solana blockchain platform.
The group has also entered into a strategic partnership with the South African consumer crypto exchange Luno and obtained the required licences to issue a stablecoin in the country from the Financial Sector Conduct Authority (FCSA).
It expects consumer digital wallets to be available in Q1 2026, and Super Group will use its Betway South Africa brand as the launch acceptance merchant.
Overcoming banking obstacles
Stablecoins, which in theory are less volatile than other forms of cryptocurrency due to being pegged to government-issued currency, have long been viewed as a beneficial tool for businesses and consumers to lower the cost of transactions and speed up the settlement process between parties.
In the case of Super Group, CEO Neil Menashe has previously detailed the company’s desire to develop crypto payments capabilities to bypass the high cost of banking in Africa, where it has a significant presence through its Betway and Jackpot City brands in eight countries.
Speaking on Super Group’s Q2 2025 earnings call, he said: “In the African side of our business, we have a banking issue there. I think crypto and coins can make a huge difference because banking is a really big cost in Africa, especially for us onboarding customers and then making payments across the continent.
“That’s our great long-term play. I think it aligns with our strategy, especially on the processing side. If we can do something clever there, which we’ve got some ideas on, it effectively will bring pure profit to the bottom line.”
Africa is considered one of the fastest cryptocurrency markets in the world, with Kenya, Nigeria and South Africa having the largest number of users in the region.
According to Luno, it has a user base of over 6.3 million in South Africa, representing almost 10% of the country’s population and demonstrating the significant potential of cryptocurrency adoption for Super Group.
As well as solving a financial issue, Super Group also believes that implementing crypto payments can unlock a new demographic of customers in Africa.
“It’s a different kind of customer, again, a different genre, in the same way that in the casinos, we have different genres of casino. Crypto is a different kind of customer. So that helps us, and that’s what we are actively looking at,” explained Menashe.
Robust growth
Super Group hailed “robust growth” across both sports betting and casino verticals in Africa as a key driver for boosting total net revenue by 26% year-on-year to $557m.
Looking specifically at Africa, the company reported revenues of $226m for its operations in Africa and the Middle East, up from $165m in the same period last year.
According to Super Group’s report, iGaming revenue in Africa grew by 37%, driven in part by a 38% increase in revenue in Ghana.
Meanwhile, Super Group’s operations in South Africa, encompassing both sports betting and online casino, experienced revenue growth of 23% YoY.
The company also notes that it holds podium positions in seven out of the eight African markets it is present in.
