Stablecoin transactions in Nigeria hit $22bn in one year
About 25.9million Nigerians now bypass the United States dollar scarcity to trade in cryptocurrency just as the country stands out as the Africa’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024. This is even as stablecoin adoption has witnessed an exponential growth globally – from a market […]
About 25.9million Nigerians now bypass the United States dollar scarcity to trade in cryptocurrency just as the country stands out as the Africa’s largest stablecoin market, with nearly $22 billion in transactions between July 2023 and June 2024.
This is even as stablecoin adoption has witnessed an exponential growth globally – from a market cap of $5bn in 2020 to $230bn as of May 2025.
Daily Trust reports that there is a daily surge in adoption of cryptocurrencies in Africa, where they are reshaping finance, trade, and economic participation.
This surge in adoption comes against a backdrop of major global trade disruptions. In August 2025, the United States introduced sweeping tariffs of 10% to 30% on exports from 47 African nations.
While the policy rattled traditional markets, in Africa, it is accelerating the shift toward dollar-backed digital assets like USDC and USDT as businesses and individuals sought to bypass dollar scarcity, protect purchasing power, and assert monetary sovereignty.
The passing of the GENIUS Act in the United States earlier this year – further legitimizing stablecoins globally and setting clear regulatory frameworks – the U.S. has indirectly spurred confidence in African markets to expand adoption.
In a latest report released by Yellow Card, Africa’s leading stablecoin payments infrastructure provider,tagged: Stablecoin Adoption in Emerging Markets – The Report for Global Business Leaders, stablecoins now account for 43% of all crypto transaction volume in sub-sahara Africa .
The report said 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
While stablecoins are globally recognized for international payments and settlements, their adoption in emerging markets has revealed a deeper story. From cross-border trade to treasury management and inflation hedging, stablecoins are driving innovation and financial inclusion in regions where traditional systems often fail.
Lasbery Chioma Oludimu, Vice President of Global Operations and Managing Director of Yellow Card Nigeria, emphasized the importance of the report: “This report highlights the significant role of stablecoins in emerging markets. It demonstrates how stablecoins are crucial for financial inclusion and economic empowerment, especially where traditional banking is unreliable. From facilitating cross-border trade to aiding treasury management, stablecoins are now a fundamental tool for financial stability and efficiency.”
The report also examines how African fintechs are driving stablecoin-powered solutions that are faster, cheaper, and more inclusive than legacy banking systems.
From Lagos to Nairobi, startups are embedding stablecoins into mobile money platforms, cross-border trade, payroll, and treasury management, creating a scalable model for other emerging economies.
Somtochukwu Nsofor, Nigeria Country Manager, pointed to sectoral opportunities and challenges, “Stablecoins in Nigeria show promise in oil and gas, manufacturing, and banking by enabling fast, low-cost cross-border payments and mitigating FX risks. But issues like dollarization concerns, rural digital literacy, and infrastructure gaps still hinder broader growth.”
25.9m Nigerians transact in stablecoin
Nigeria now ranks first globally in stablecoin adoption and second in overall digital asset usage, with 25.9 million users, representing an 11.9% penetration rate, a new Africa’s digital assets regulation report has shown.
This new position attained by Nigeria places the country at the epicenter of Africa’s digital asset movement, driven by the need to hedge against naira volatility, access dollar-denominated value, and streamline cross-border transactions, the report released by Yellow Card, one of Africa’s licensed stablecoin payments orchestrators, added.
“We’re seeing real momentum from both regulators and innovators, a clear signal that digital assets are no longer fringe, but foundational,” said Craig Stoehr, Yellow Card’s General Counsel, and one of the authors of the Report.
Tagged “2025 Report on the State of Digital Assets Regulation in Africa”, the report is the continent’s most comprehensive analysis of digital asset regulatory frameworks to date.
Nigeria pushes Africa ahead in stablecoin adoption
With over 54 million digital asset users across Africa and Sub-Saharan Africa leading the world in stablecoin adoption at 9.3%, the report maps out how regulators across 20+ countries are responding to the continent’s rapid digital finance transformation.
The report highlights Nigeria’s significant regulatory developments, including:
The Securities and Exchange Commission (SEC) now officially regulates digital assets as securities, cemented by amendments to the Investments and Securities Act (ISA) 2024.
Programmes like the Accelerated Regulatory Incubation Program (ARIP) are onboarding platforms into formal regulatory structures, according to the report.
CBN relaxes previous stance on VASPs
Daily Trust reports that the Central Bank of Nigeria (CBN) has relaxed its previous stance on VASPs, issuing guidelines for banking relationships with crypto firms in late 2023.
These moves signal an ecosystem maturing rapidly, with growing clarity, oversight, and legitimacy.
Stablecoins are transformative for Nigerians
Stablecoins are proving transformative for Nigerian individuals and businesses alike. Beyond personal savings and remittances, more companies are now accepting digital assets for payments, unlocking faster transactions and deeper access to foreign currency-denominated tools, all of which fuel economic innovation and financial inclusion.