Nigeria and South Africa are emerging as key drivers of stablecoin demand, with new survey data showing strong growth in adoption across Africa’s largest economies and rising interest throughout other developing markets. The findings highlight how digital dollar-linked tokens are increasingly viewed as practical financial tools in regions where traditional banking systems often fall short.
The study, conducted by YouGov in partnership with crypto infrastructure firms, gathered responses from more than 4,650 participants across 15 countries who either hold or plan to hold cryptocurrencies or stablecoins. Results indicate that over half of respondents globally increased their stablecoin holdings over the past year, with the strongest expansion seen in low and middle income economies.
In Nigeria and South Africa, nearly 80 percent of respondents reported already holding stablecoins. Among those holders, more than three quarters said they intend to increase their positions further within the next year. The data also showed that individuals in emerging markets are significantly more likely to consider adopting stablecoins compared with respondents in high income countries.
A particularly striking finding from Nigeria revealed that 95 percent of surveyed participants would prefer receiving payments in stablecoins rather than in the local naira. This preference reflects broader concerns about currency volatility, inflation pressures and access to efficient cross border payment channels. In many African markets, users are increasingly turning to dollar pegged digital assets as a store of value and as a hedge against domestic currency risk.
Stablecoins such as Tether and USDC dominate the global market, which is now valued at more than 310 billion dollars. While much of the transaction volume still relates to cryptocurrency trading, adoption for payments is slowly gaining attention. Previous industry research has estimated that nearly nine tenths of stablecoin transactions are tied to crypto markets, while a smaller share is currently used for goods and services.
The survey also found growing demand in countries such as India, suggesting that the trend is not confined to Africa. Across developing regions, non holders expressed stronger intent to begin using stablecoins compared with respondents in advanced economies.
At the same time, policymakers in emerging markets continue to monitor the implications closely. Central banks have warned that widespread use of dollar backed stablecoins could accelerate economic dollarisation, weaken domestic currencies and potentially affect monetary policy transmission. There are also concerns about capital outflows if residents move savings into digital dollar denominated assets.
However, some policymakers have acknowledged potential efficiency gains. In Southern Africa, cross border remittance fees can be substantial, sometimes reaching thirty dollars to send one hundred dollars to neighboring countries. Stablecoins are increasingly viewed as a possible solution to reduce such costs, provided regulatory clarity and consumer protections are strengthened.
One of the key barriers identified in the survey is limited merchant acceptance. While many users hold and transfer stablecoins, everyday usage in shops and online platforms remains restricted, underscoring the gap between growing ownership and full integration into mainstream payment systems.
