Nigeria leads stablecoin adoption with $22 billion in transactions

Nigeria recorded nearly $22 billion in stablecoin transactions between July 2023 and June 2024, making it the largest market in sub-Saharan Africa, according to a new report by stablecoin infrastructure provider Yellow Card.

The report highlights growth in stablecoin adoption in countries including Ethiopia, Ghana, Kenya, South Africa, Uganda and Zambia.

Key details

• According to the study, stablecoins accounted for 43% of total crypto transaction volume in sub-Saharan Africa in 2024.
• Nigeria led the market with nearly $22 billion in transactions between July 2023 and June 2024, while South Africa saw a 50% month-over-month growth since October 2023, making stablecoins more popular than bitcoin.
• Yellow Card reports that 99% of its business now runs on stablecoins, with USDT dominating at 88.5% of transaction share, followed by USDC at 9.9%.
• Around 70% of users rely on stablecoins for personal needs such as remittances and savings, while a growing 30% use them for business operations, the report stated.

Key Quotes

• Sharon Tum, Yellow Card’s Regional Manager for East Africa, said:

“Stablecoin adoption is accelerating among businesses for three clear reasons: faster cross-border settlements, reduced FX costs, and hedging against currency volatility. This isn’t speculative use; it’s a practical tool for improving cash flow and cross-border trade.”

• Peter Mwangi, Yellow Card Country Manager for Kenya said:

“The country’s [Kenya's] strong mobile money infrastructure, especially M-Pesa, allows for easy stablecoin integration.

“A tech-savvy youth population also uses stablecoins for lower remittance fees and protection against currency volatility.”

Key background

• The global stablecoin market has surged from $5 billion in early 2020 to $230 billion by May 2025.
• Transaction values reached $15.6 trillion in 2024, surpassing Visa and Mastercard combined.