Nigeria and South Africa are leading a surge in stablecoin adoption, reflecting growing interest in faster and cheaper ways to move money across emerging markets. A survey of more than 4,600 crypto users found that nearly 80% of respondents in both countries already hold stablecoins, and most expect to increase their holdings within the next year. Many Nigerians even said they would prefer to receive payments in stablecoins rather than the naira, highlighting dissatisfaction with traditional financial systems. However, central bankers remain deeply concerned that dollar-pegged stablecoins could drain domestic bank deposits, undermine monetary policy, and facilitate capital flight from already vulnerable economies. Limited merchant acceptance remains the primary barrier preventing stablecoins from becoming viable for everyday purchases and subscriptions beyond cryptocurrency trading, which currently accounts for nearly 90% of all stablecoin transactions.
CNBC Africa
