Stablecoins now 43% of Sub-Saharan Africa crypto tx volume: Chainalysis
Stablecoin transactions represent approximately 43% of total transaction volume in Sub-Saharan Africa, driven by currency devaluation. Nigeria leads in crypto adoption, with around $59 billion in transaction volume from July 2023 to June 2024, predominantly involving transfers under $1 million. The Naira's devaluation has increased stablecoin inflows, as local banks and the government struggle to provide dollars. Ethiopia is experiencing rapid growth in retail-sized stablecoin transfers, with a 180% year-over-year increase, following a 30% depreciation of the birr. Stablecoins are viewed as essential for international trade and liquidity management, particularly among institutional clients in South Africa. Chainalysis emphasizes that Africa's crypto use cases offer insights for the global market and positions the continent as a potential leader in the crypto space.
