Stablecoins are cementing their place in Africa's financial landscape as businesses and individuals turn to the dollar-pegged digital assets for cheaper payments and protection from volatile currencies, according to a new report from Yellow Card, a pan-African crypto platform.
In sub-Saharan Africa, stablecoins accounted for 43 of crypto transaction volume in 2024, with Nigeria leading the market at nearly USD 22 B in transactions between July 2023 and June 2024. South Africa has also seen rapid uptake, with monthly volumes rising 50 since October 2023, overtaking bitcoin as the most widely used cryptocurrency in the country.
"Stablecoin adoption is accelerating among businesses for three clear reasons: faster cross-border settlements, reduced FX costs, and hedging against currency volatility," said Sharon Tum, Yellow Card's regional manager for East Africa.
