Nigeria became the largest market for stablcoins in Africa, followed by the South African Republic, and then Kenya and Gan, the authors of the study conducted by the Yellow Card cryptocide.

In Nigeria, where the devaluation of Nyra and restrictions on banks led to difficulties with everyday financial transactions, stablecoins have become a popular tool for transferring and storage of money. The Yellow Card said that in 2024, transactions with stablecoin conducted by Nigerian users reached a volume of $ 23 billion, and the share of transactions in stablecoins in total cryptocurrency turnover amounted to about 43%, which is almost 10% higher than in 2023.

In South Africa, the monthly volumes of operations increased by 50%over the past year. Stebblecoins bypassed Bitcoin in popularity and became the most widely used digital asset in South Africa, the authors of the study say.

“The spread of stabiblcoins is accelerated for three obvious reasons: acceleration of cross -border calculations, reducing costs for converting and hedging of foreign exchange oscillations. This is not speculation, but a practical tool for improving cash flows and cross -border trade, ”the Yellow Card study says.

About 70% of Yellow Card users switched to stablecoins to send money to relatives and create savings, and the remaining 30% integrated operations with stablecoins into their business and salary systems, the platform team said.

Earlier, the Securities and Exchange Commission of Nigeria (SEC) announced the launch of the state program Crypto Smart, Nigeria Strong, which is designed to increase the level of financial literacy of investors and improve the process of regulation of cryptocurrencies.