Nigeria has secured its position as Africa’s stablecoin leader, recording $22 billion in transactions between July 2023 and June 2024, according to a new Yellow Card report. The figure highlights the growing dominance of stablecoins, which now make up 43% of the region’s crypto activity.
USDT leads with an 88.5% share, followed by USDC at 9.9%. The report notes that 70% of users turn to stablecoins for personal needs like saving or sending remittances, while 30% leverage them for business transactions.
South Africa has seen 50% monthly growth since October 2023, while adoption is also accelerating in Kenya, Ethiopia, Ghana, Uganda, and Zambia. In Kenya, integration with mobile money services has fueled wider usage.
Yellow Card’s Sharon Tum and Peter Mwangi highlighted stablecoins’ appeal as a hedge against volatile local currencies. The report suggests stablecoins, rather than Bitcoin, are now driving Africa’s crypto economy.
You need to login in order to Like
Leave a comment