Stablecoins are transforming finance across Sub-Saharan Africa. According to Yellow Card’s latest report, they now account for 43% of all crypto transaction volume in the region. Notably, Nigeria leads the continent’s largest stablecoin market with nearly $22 billion in transactions between July 2023 and June 2024.
South Africa, Kenya, and Ghana follow as rapidly growing hubs. Released as Yellow Card’s third and final report of 2025, this document underscores the explosive growth of stablecoins and their role in reshaping trade, finance, and economic inclusion in Africa.
Globally, stablecoins recorded remarkable growth, with market cap skyrocketing from $5 billion in 2020 to $230 billion by May 2025. Unlike volatile cryptocurrencies like Bitcoin, stablecoins are pegged to stable assets like the U.S. dollar, making them ideal for practical applications.
In Sub-Saharan Africa, they’re driving financial innovation where traditional banking often falls short.
The report highlights stablecoins’ role in cross-border trade, treasury management, and inflation hedging. In regions plagued by currency volatility and limited banking access, stablecoins offer a reliable alternative. They enable fast, low-cost transactions and protect purchasing power.
This is particularly critical in Africa, where economic instability and dollar scarcity are persistent challenges.
Nigeria leads stablecoin adoption in Africa with $22 billion
Nigeria stands out as Africa’s stablecoin epicentre. The country processed nearly $22 billion in stablecoin transactions from July 2023 to June 2024. This dominance reflects Nigeria’s vibrant crypto ecosystem and its need for alternatives to traditional finance.
Businesses and individuals are turning to stablecoins like USDC and USDT to bypass banking delays and currency fluctuations.
Lasbery Chioma Oludimu, Vice President of Global Operations and Managing Director of Yellow Card Nigeria, emphasised the importance of the report: “This report highlights the significant role of stablecoins in emerging markets. It demonstrates how stablecoins are crucial for financial inclusion and economic empowerment, especially where traditional banking is unreliable.
From facilitating cross-border trade to aiding treasury management, stablecoins are now a fundamental tool for financial stability and efficiency.”
Nigeria’s leadership in stablecoin adoption is no surprise. The country has faced significant economic challenges, including naira depreciation and restricted access to foreign currency. Stablecoins provide a hedge against inflation and enable seamless international payments. For businesses, this means faster settlements and reduced foreign exchange risks.
While Nigeria leads, other African nations are catching up. South Africa ranks second in stablecoin transaction volume, driven by its robust financial sector and growing fintech ecosystem. Kenya and Ghana are also experiencing rapid growth, with stablecoin adoption fuelled by mobile money platforms and cross-border trade.
In Kenya, startups are integrating stablecoins into mobile money systems like M-Pesa. This allows users to send and receive payments instantly, bypassing slow and costly bank transfers.
Ghana is seeing similar trends, with stablecoins powering payroll and treasury solutions for businesses. These innovations are creating scalable models for other emerging markets.
The surge in stablecoin use comes amid significant global trade shifts. In August 2025, the United States imposed tariffs of 10% to 30% on exports from 47 African nations. These tariffs disrupted traditional markets, pushing businesses and individuals toward dollar-backed digital assets. Stablecoins like USDC and USDT offer a way to bypass dollar scarcity and maintain monetary sovereignty.
The recently passed GENIUS Act by the U.S. has also played a role. By legitimising stablecoins and establishing clear regulatory frameworks, the Act has boosted confidence in African markets. Businesses now view stablecoins as a trusted tool for navigating volatile global trade environments.
African fintech startups are driving the stablecoin adoption
African fintechs are at the forefront of stablecoin innovation. Companies like Yellow Card are embedding the asset into solutions for cross-border payments, payroll, and treasury management. These platforms are faster and cheaper than legacy banking systems, making them accessible to underserved populations.
Across the continent, startups are leveraging it to bridge gaps in financial infrastructure. For example, mobile money integrations allow users to convert stablecoin to local currencies instantly.
This is particularly impactful in rural areas, where banking services are scarce. Yellow Card, operating in over 20 African countries, remains a leader in this space, providing reliable access to dollar-backed assets.
Somtochukwu Nsofor, Nigeria Country Manager for Yellow Card, highlighted sectoral opportunities. “Stablecoins show promise in oil and gas, manufacturing, and banking,” Nsofor said. “They enable fast, low-cost cross-border payments and mitigate FX risks.” However, challenges remain. Dollarisation concerns, rural digital literacy, and infrastructure gaps hinder broader adoption.
Nigeria’s oil and gas sector, a key economic driver, is increasingly using stablecoins for international transactions. Manufacturers are also adopting stablecoins to manage supply chain payments. Yet, limited internet access in rural areas and low digital literacy pose barriers. Addressing these issues will be critical to sustaining growth.
The future of stablecoins in Africa looks promising. As fintechs continue to innovate, stablecoins will likely become a driving force of financial systems. Their ability to offer stability, speed, and accessibility makes them ideal for emerging markets. Nigeria, South Africa, Kenya, and Ghana are leading the way, but other countries are poised to follow.
Yellow Card’s report serves as a call to action for global business leaders. The digital coins are not just a trend; they’re a transformative force, with the potential to revolutionise international trade.
By addressing challenges like infrastructure and education, Africa can unlock the full potential of this technology and reap its full benefits.