Joy Agwunobi
Nigeria processed nearly $22 billion worth of stablecoin transactions between July 2023 and June 2024, underscoring its position as the largest stablecoin market in Africa, according to a new report by Yellow Card, Africa’s leading stablecoin payments infrastructure provider.
The report, titled “Stablecoin Adoption in Emerging Markets”, highlights the transformative role of stablecoins across Africa, where they now account for 43 percent of total cryptocurrency transaction volumes in Sub-Saharan Africa.
According to the findings, unlike in Western countries where adoption is largely speculative, usage in regions such as Africa, Latin America, Southeast Asia, and the Middle East is being driven by practical, real-world needs.
“Stablecoins now account for 43 percent of total crypto transaction volume in Sub-Saharan Africa. Nigeria alone processed nearly $22 billion in stablecoin transactions between July 2023 and June 2024,” the report stated.
It added that Nigeria leads the continent in stablecoin adoption, followed by South Africa and other rapidly expanding markets such as Kenya and Ghana.
Key insights from the report revealed that the global transaction value of stablecoins has now reached $15.6 trillion annually, marking a significant milestone in their evolution from niche digital assets to mainstream financial tools.
It further highlighted that Central and Southern Asia, Africa, and Latin America dominate the 2024 Chainalysis Global Crypto Adoption Index, with India and Nigeria ranked first and second respectively, reflecting the pivotal role of emerging markets in driving adoption.
In Argentina, where inflation has soared to record levels, stablecoins have become a financial lifeline, accounting for 61.8 percent of all crypto transactions—a figure far above the global average as citizens seek refuge in more stable digital alternatives.
For Yellow Card, the report noted that stablecoins make up 99 percent of its business operations, with major use cases including trading and treasury management, purchasing goods, making business payments, and enabling cross-border transactions.
The study also pointed to a growing shift towards low-cost, high-speed blockchain networks, alongside increasing institutional participation, driven by partnerships with fintechs, banks, and global corporations.
Commenting on the findings, Lasbery Chioma Oludimu, VP of Global Operations and managing director of Yellow Card Nigeria, said the report demonstrates how stablecoins are reshaping financial systems in volatile economies.
“The report highlights critical real-world applications such as facilitating cross-border trade, transforming insurance, and helping businesses with treasury management. It also details the rapid growth of stablecoin transactions, which surpassed Visa and Mastercard in 2024, and shows the role that players like Yellow Card can play in deploying payment rails technology. Stablecoins are becoming a fundamental tool for financial stability and efficiency,” Oludimu said.
Nigeria’s regulatory space
In response to the rising adoption, Nigeria’s Securities and Exchange Commission (SEC) recently announced plans to launch its “Crypto Smart, Nigeria Strong” initiative, aimed at engaging developers in co-creating a regulatory framework for stablecoins.
According to Emomotimi Agama, director-general of the SEC, the commission is also developing a framework for Naira-pegged stablecoins, fully backed by verifiable reserves, independently audited, and designed for cross-border trade, payments, and programmable finance.
Agama noted that the initiative will not only attract credible players to the market but also enhance investor education and improve digital literacy across the country,while also adding that the framework will ensure that digital asset innovation supports real-world economic activity, beyond speculation
