Nigeria and South Africa are emerging as Africa’s frontrunners in stablecoin adoption, with businesses and consumers increasingly using dollar-linked digital currencies for quicker and more affordable cross-border transactions.
A new study by YouGov, conducted alongside BVNK, Coinbase, and Artemis, surveyed over 4,650 participants across 15 countries who currently hold or plan to hold crypto assets. Results show both African giants leading in enthusiasm, with confidence in stablecoins among the highest globally.
These digital tokens, usually pegged to the US dollar, now make up a market exceeding $300 billion worldwide, forming a crucial liquidity backbone for the crypto ecosystem.
In Nigeria and South Africa, roughly eight in ten respondents already own stablecoins, and most intend to expand their holdings over the next year.
Interest among non-users is particularly strong in developing economies, with Nigerians showing a marked preference for receiving payments in stablecoins rather than local currency, reflecting their attraction in high-inflation environments.
While tokens like Tether and USDC dominate globally, regulatory uncertainty remains a concern in emerging markets, as authorities fear potential impacts on local currencies, capital flows, and bank deposits. However, experts note stablecoins could cut remittance costs significantly for example, fees for sending money from South Africa to Mozambique can reach 30% of the amount sent
Despite the enthusiasm, everyday spending with stablecoins is still limited, with most activity tied to trading rather than purchases, highlighting the need for stronger infrastructure to enable mainstream usage across the continent.
