The digital money ecosystem is maturing rapidly. The momentum started building from the adoption of blockchain technologies and digital assets, particularly Stablecoins by many countries in Africa.
Some of the regulatory moves, particularly by the Central Bank of Nigeria, CBN, should also claim some credits for this development. Another factor driving the growth included a growing number of use cases, particularly those using USD Stablecoins to make cross-border payments.
Most users confessed that it is less costly and more efficient, gaining access to U.S. hedging against currency volatility, while it can also serve as an asset class for investment.
Some of the use cases are driving adoption of Stablecoins across the emerging world, particularly in Sub-Saharan Africa. The region has the worlds highest rate of Stablecoin adoption at 9.3.