Super Group launches rand-backed stablecoin to cut payment costs in Africa

Super Group, the New York-listed owner of online betting brand Betway, has launched a South African rand-backed stablecoin as it pushes deeper into digital payments and looks to reduce the high cost of traditional banking across Africa. 

The ZAR Supercoin, issued through the company’s new South African division Super Money SA, is backed 1:1 with rand held in custody by ABSA Group. The token will operate on the Solana blockchain and use Fireblocks and Chainalysis for tokenisation and compliance, the company said. It will debut on the Luno crypto exchange before rolling out to other platforms.

Super Group said the stablecoin will initially be used as a payment method for Betway transactions, part of a wider strategy to integrate digital assets into its product ecosystem and tap into Africa’s fast-growing stablecoin market, estimated at around $100 billion annually.

“This marks a significant and strategic step forward in the company’s approach to payments,” CEO Neal Menashe said. “It is the first step in integrating digital assets into our product stack, and we expect it will lead to cost efficiencies over time.”

A dedicated Supercoin Wallet will launch in the first quarter of next year, enabling ATM withdrawals, point-of-sale purchases, remittances, and top-ups. Payments made with the stablecoin will be free, compared with typical bank fees of more than 1 rand for small transactions.

“We have always been at the forefront of tech advancement in the gambling industry,” CFO Alinda van Wyk said, adding that the move positions Super Group for future growth as alternative payment methods gain regulatory traction.

Super Money holds Category I and II Crypto Asset Service Provider licences from the Financial Sector Conduct Authority, requiring full KYC verification and audit trails. The company said its NYSE listing brings “gold-standard” compliance processes to the new offering.

“ZAR Supercoin is designed to bring the power of digital money and blockchain into everyday South African life,” said Warren Ross, managing director of Super Money SA. "Payments are free for Supercoin users.” 

“We’re making stablecoins simple, useful, and accessible because financial freedom should be for everyone,” Ross said.

The launch comes amid rising crypto adoption across the continent, driven by high remittance costs and growing use of digital currencies in commerce. Competing rand-backed coins, including Old Mutual-supported ZARP and Mesh Trade’s yZAR, are also expanding.

Crypto industry leaders said Super Group’s scale and brand recognition could accelerate local uptake. “This creates trust, and people latch on to brands,” said Faadil Moti, CEO of 80eight. “The market is bigger than we know.”

Super Group plans to extend the Supercoin to more exchanges and integrate the wallet into the Betway app as part of its phased rollout.