Nigeria and South Africa have emerged as Africa’s frontrunners in stablecoin adoption, with nearly 80 per cent of cryptocurrency users in both countries already holding dollar-pegged digital assets, a new global report has revealed.
The findings are contained in the latest Stablecoin Utility Report conducted by YouGov in partnership with BVNK, Coinbase, and Artemis. The report highlights accelerating demand for stablecoins across Africa’s two largest economies as individuals and businesses seek faster, cheaper and more reliable cross-border payment solutions.
The survey polled more than 4,650 respondents across 15 countries who either hold or intend to hold cryptocurrencies. It found that optimism around stablecoins is significantly stronger in Nigeria and South Africa than in many global markets.
More than three-quarters of respondents in both countries said they plan to increase their stablecoin holdings within the next 12 months — signaling sustained growth momentum in the sector.
Nigeria stood out sharply in the report. About 95 per cent of Nigerian respondents indicated a preference for receiving payments in stablecoins rather than in naira, underscoring the rising appeal of dollar-linked digital assets in an inflation-prone environment marked by currency volatility and foreign exchange constraints.
Stablecoins are digital tokens designed to maintain a fixed value, typically pegged to the US dollar. As of February 2026, the sector’s market capitalisation has surpassed $300 billion, cementing its position as the primary liquidity backbone of the broader cryptocurrency ecosystem.
According to the report, adoption in Nigeria and South Africa is driven largely by practical needs rather than speculation. Respondents cited faster settlement times, lower transaction costs, and greater reliability compared with traditional banking systems and remittance channels as key motivations.
BVNK co-founder Chris Harmse said stablecoins are increasingly being used for real-world transactions.
“People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable,” he noted, adding that users are now seeking deeper integration of stablecoins into existing financial tools and payment infrastructure.
The report signals that Africa’s largest economies are not only participating in the global digital asset movement but are fast becoming central players in the evolution of blockchain-based payments.
