Chainalysis Report: Stablecoin Transactions Now Account for 43% of Total Cryptocurrency Trading Volume in Sub-Saharan Africa

Chainalysis’ latest report indicates that stablecoin transactions now account for 43% of total cryptocurrency trading volume in Sub-Saharan Africa, primarily due to an increase in demand for stablecoins as a result of the devaluation of the local currency. The significant devaluation of currencies in Nigeria and Ethiopia has driven the widespread use of stablecoins, particularly in Nigeria, where cryptocurrency trading volume reached approximately $59 billion in the past year, with 85% of transactions being less than $1 million. The report also notes that stablecoins are gradually replacing Bitcoin as the most received cryptocurrency asset in South Africa.