Stablecoins are becoming very popular in many countries, especially where local currencies are unstable. Recent data shows that Nigeria is currently the global leader in stablecoin use.
About 59% of crypto users in Nigeria hold Tether, while around 48% hold USD Coin. The high demand is mainly due to inflation and the unstable Nigerian currency. Many people prefer holding stablecoins because they are linked to the value of the US dollar.
Stablecoins help people protect their savings and make international payments more easily.
The trend is not limited to Nigeria. Countries such as India, Colombia, South Africa, Thailand, and the Philippines are also seeing increased use of stablecoins. In many places, they are used for remittances, savings, and cross-border payments.
At the same time, USDC is gaining popularity in several markets where USDT was previously dominant. In countries like the United States and Germany, more users now hold USDC than USDT.
Experts say this shift may be happening because financial institutions prefer stablecoins that follow stricter regulations. As stablecoins become more common in global finance, competition between USDT and USDC is expected to grow.
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