Africa’s largest economies are at the forefront of a global wave of stablecoin adoption, according to a new multi-country study.
The survey places Nigeria and South Africa as the leaders in demand growth and finds their users to be the most bullish on the technology’s potential. A key takeaway is the widespread desire among these adopters for stablecoins to become a standard part of the financial landscape for everyday purchases.
The promise of stablecoins lies in their ability to streamline payments and remittances, offering a faster and cheaper alternative to traditional finance in lower-income countries. However, the near-total dominance of dollar-backed coins like Tether and USDC—which make up 99% of the market—presents a complex challenge. This peg to the dollar fuels fears of creeping economic dollarisation and provides a potential avenue for capital flight from the very regions that are adopting them most enthusiastically.
This data is drawn from the Stablecoin Utility Report, a comprehensive survey executed by YouGov on behalf of a consortium of crypto firms, including BVNK, Coinbase, and Artemis. The findings are based on the responses of more than 4,650 individuals from 15 countries, all of whom are either current participants in the stablecoin or crypto market or intend to become so.
Despite the enthusiasm in emerging markets, the primary function of these assets today remains deeply intertwined with the mechanics of the crypto economy. A separate analysis by BCG from the previous year estimates that nearly nine out of every ten stablecoin transactions are conducted for the purpose of trading other cryptocurrencies. Payments for goods and services account for only a small fraction of the overall volume, at roughly 6%.
