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Nigeria and South Africa continue to consolidate their position as Africa’s leading adopters of stablecoins, at a time when the global market capitalization of these digital assets has surpassed $300 billion. This growth is driven by rising demand for faster, more efficient, and lower-cost payment solutions, particularly for cross-border transactions.

Recent data from an international survey of more than 4,650 participants across 15 countries—including current cryptocurrency holders and those interested in digital assets—reveals exceptional momentum in Africa’s two largest economies. Levels of optimism toward stablecoins ranked among the highest globally, alongside a notable rise in ownership rates and intentions to increase investment over the coming year.

Stablecoins are digital assets pegged to a fixed value—most commonly the US dollar—offering greater price stability compared to highly volatile cryptocurrencies. As a result, they have become a core liquidity pillar within the global digital asset ecosystem.

In Nigeria and South Africa, nearly 80% of respondents reported already owning stablecoins, while more than three-quarters expressed plans to expand their holdings in the next year, signaling accelerating adoption. The survey also showed that interest among non-owners in entering the stablecoin market was nearly twice as high in low- and middle-income economies compared to high-income countries.

Nigeria stood out in particular, with around 95% of respondents indicating a preference for receiving payments in stablecoins rather than local currency. This reflects growing reliance on dollar-pegged assets as a hedge against currency volatility and rising inflation.

Users attribute this shift to the urgent need for more flexible and efficient alternatives to traditional payment systems—especially for international transfers, which are often slow and costly—alongside increasing demand to integrate stablecoins into everyday financial use cases such as digital wallets and remittance services.

However, the rapid expansion has raised concerns among central banks, which warn that widespread stablecoin adoption could undermine monetary policy effectiveness, increase capital outflow risks, and face challenges related to limited merchant acceptance in domestic transactions.

Overall, current indicators point to a deep structural shift in payment and savings behavior within Africa’s two largest economies, as dollar-linked digital assets gain prominence as both a hedge and a practical solution to the limitations of traditional financial systems, amid continued rapid global stablecoin market growth.