Nigeria Tops Africa’s Stablecoin Market with $22 Billion Transactions in One Year – Report
Nigeria has solidified its position as Africa’s largest stablecoin market, processing nearly $22 billion worth of transactions between July 2023 and June 2024, according to a new report by Yellow Card, the continent’s leading stablecoin payments infrastructure provider. The report, titled Stablecoin Adoption in Emerging Markets, revealed that stablecoins now account for 43% of all crypto transaction volumes in Sub-Saharan Africa, underscoring their growing dominance in the region’s digital economy.
The report highlighted that Nigeria leads the continent in stablecoin adoption, ahead of South Africa, Kenya, and Ghana. Globally, stablecoins have surged from a market capitalization of just $5 billion in 2020 to $230 billion as of May 2025, but their most transformative impact is being felt in emerging markets. In Nigeria, stablecoins are increasingly used as a lifeline for businesses and individuals battling foreign exchange scarcity, volatile naira-dollar rates, and unreliable banking systems.
According to Lasbery Chioma Oludimu, Vice President of Global Operations and Managing Director of Yellow Card Nigeria, stablecoins are now “a fundamental tool for financial stability and efficiency,” enabling cross-border trade, treasury management, inflation hedging, and financial inclusion. She noted that their adoption is reshaping how businesses and households safeguard value and access liquidity in uncertain economic conditions.
The report also linked rising demand for stablecoins in Africa to global trade disruptions, including the U.S. decision in August 2025 to impose tariffs of up to 30% on exports from 47 African nations, which has accelerated the shift toward dollar-backed digital currencies. At the same time, the passage of the GENIUS Act in the U.S. earlier this year, which created a regulatory framework for stablecoins, has indirectly boosted confidence among African businesses and fintechs embedding stablecoins into mobile money, payroll, and trade finance solutions.
In response to this growing trend, the Securities and Exchange Commission (SEC) of Nigeria has announced a new initiative tagged “Crypto Smart, Nigeria Strong” to co-develop a regulatory framework for stablecoins. SEC Director-General Emomotimi Agama disclosed that the commission is also exploring the launch of a naira-pegged stablecoin, fully backed by verifiable reserves and independently audited. The initiative is expected to expand digital finance beyond speculation, strengthening cross-border payments and positioning Nigeria as a leader in Africa’s digital asset innovation.
Source: Naira metrics
