PANews reported on October 2 that according to the latest report from Chainalysis, stablecoin transactions in sub-Saharan Africa now account for 43% of total crypto transactions, mainly driven by currency depreciation in countries such as Nigeria and Ethiopia. Nigeria recorded approximately $59 billion in cryptocurrency transactions between July 2023 and June 2024, of which 85% of transfers were less than $1 million, showing the dominance of retail and small and medium-sized transactions.
In addition, the sharp depreciation of the Nigerian naira has promoted the widespread adoption of stablecoins. A similar situation has also occurred in Ethiopia, which is the fastest growing market in Africa for retail-scale stablecoin transfers, with an annual growth rate of 180%.