Nigeria has emerged as the largest stablecoin market in Africa, recording nearly $22 billion worth of transactions between July 2023 and June 2024. The data comes from a new report by Yellow Card, one of the continent’s leading stablecoin payments infrastructure providers.
The report, titled Stablecoin Adoption in Emerging Markets, was released on Tuesday and sheds light on the growing importance of digital currencies in Africa’s financial ecosystem. According to the findings, stablecoins now make up 43 percent of all cryptocurrency transaction volumes in Sub-Saharan Africa.
“Nigeria stands out as the continent’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024, followed by South Africa and other rapidly growing markets such as Kenya and Ghana,” the report stated.
Stablecoins, digital tokens pegged to traditional assets such as the US dollar, have become an attractive financial tool for many Africans. In Nigeria, where inflation and foreign exchange shortages have weakened the naira, stablecoins are increasingly being used to preserve value, facilitate cross-border trade, and process remittances.
Yellow Card’s findings suggest that Nigeria’s leadership in stablecoin adoption reflects both its large population and its tech-savvy youth demographic, who are turning to digital currencies as alternatives to traditional banking and payments. The report also points to expanding adoption in South Africa, Kenya, and Ghana, markets that are quickly catching up as businesses and individuals explore the benefits of stable digital assets.
Analysts believe this momentum could accelerate further as mobile penetration deepens and regulatory frameworks evolve. For now, Nigeria’s dominance underscores the country’s central role in shaping Africa’s digital financial future.
