Nigeria ranks second globally in crypto adoption, driven by inflation hedging and business payments.
Stablecoins account for 43% of Sub-Saharan Africa’s total crypto transaction volume.
South Africa is seeing rapid growth in crypto adoption, driven by institutional activity.
Nigeria’s cryptocurrency economy has boomed, making it a global leader in crypto adoption. According to a report by Chainalysis, between July 2023 and June 2024, the African country ranks second worldwide.
A key factor behind this rise is the increasing adoption of stablecoins across Sub-Saharan Africa, driven by the need for inflation hedging, cross-border payments, and business transactions in countries like Nigeria, Ethiopia, and South Africa.
The report highlights that Sub-Saharan Africa recorded $125 billion in on-chain value during this period, a $7.5 billion increase compared to the previous year.
Stablecoins Mitigate Inflation and Currency Devaluation
Countries with volatile local currencies, such as Nigeria and Ethiopia, are turning to stablecoins like USDT and USDC as a reliable store of value. This is particularly critical in Nigeria, where the naira has significant…
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