Nigeria and South Africa Lead Stablecoin Use in Africa
Date: 2025-09-03 Author: Henry Casey Categories: IN WORLD
In Nigeria, where the instability of the national currency and banking restrictions make everyday financial transactions difficult, stablecoins have become especially popular. According to the Yellow Card platform, the volume of transactions by Nigerian users with stablecoins reached $23 billion in 2024. The share of these transactions in the total cryptocurrency turnover of the country was about 43%, which is almost 10% more than in 2023.
In South Africa, the growth in popularity of digital dollars and euros is also impressive. Over the past year, monthly turnover of stablecoins has increased by 50%, and in terms of usage, they have overtaken Bitcoin, becoming the most popular crypto asset in the country.
The authors of the Yellow Card study point to three key reasons for this growth: faster cross-border payments, lower currency conversion costs, and protection from exchange rate fluctuations. They emphasize that stablecoins are not used for speculation, but as a practical tool for optimizing cash flows and international trade.
According to Yellow Card statistics, about 70% of users use stablecoins to transfer money to relatives and build personal savings, while the remaining 30% integrate digital currencies into business processes, including salary payments.
In addition, Nigerian regulators are also taking steps to develop the crypto industry. The Securities and Exchange Commission (SEC) has launched the Crypto Smart, Nigeria Strong program, aimed at improving the financial literacy of citizens and simplifying the regulation of digital assets.
Experts believe that the growing interest in stablecoins in Africa will continue. Their popularity among the population is due to ease of use, reduced costs, and the ability to protect savings from the instability of national currencies. For businesses, digital currencies open up new opportunities in cross-border trade and financial flow management.
Nigeria and South Africa are thus demonstrating how stablecoins are gradually becoming an integral part of the economy, helping people and businesses adapt to the financial challenges of the region.
