Stablecoins Dominate Digital Asset Transactions in Sub-Saharan Africa, Surpassing Bitcoin
Main Idea
Stablecoins accounted for 43% of cryptocurrency transactions in Sub-Saharan Africa in 2024, significantly surpassing bitcoin's 18.1%, with Nigeria and South Africa leading in adoption and Ethiopia showing the highest growth due to currency devaluation.
Key Points
1. Stablecoins made up 43% of crypto transactions in Sub-Saharan Africa in 2024, more than double bitcoin's 18.1% share.
2. Nigeria and South Africa are the leading countries in stablecoin adoption in the region.
3. Ethiopia saw a 180% year-over-year growth in stablecoin use, likely due to a 30% devaluation of the Ethiopian birr in July 2023.
4. Small retail transactions (under $1,000) grew by 12.6%, while professional transactions ($10,000 to $1 million) increased by 60.4%.
5. Nigeria accounted for $20 billion, or 40%, of the region's total crypto inflows, with 85% of transfers under $1 million.
Description
A study revealed that stablecoins represented 43% of cryptocurrency transactions in Sub-Saharan Africa in 2024, significantly outpacing bitcoin’s 18.1% share. Transaction Growth and Nigerian Dominance According to a study, stablecoins accounted for 43% of cryptocurrency transactions in Sub-Saharan Africa (SSA) in 2024, more than double that of bitcoin (18.1%). Nigeria and South Africa lead the
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