Africa leads the world in stablecoin adoption

The use cases for stablecoin adoption are stronger in Africa, where formal banking channels are weaker than in more developed markets.

A new report from BVNK and YouGov has found that Africans are more likely to hold, use and want to be paid in stablecoins compared to people in other regions of the world. Whereas other regions tend to view stablecoins – and cryptocurrencies in general – as speculative assets, Africans are already using stablecoins in their day-to-day transactions.

“People in Africa have strong demand for dollars, and the easiest form for this to take is in stablecoins,” said Chris Harmse, co-founder and chief business officer of BVNK, in an interview with TechCentral. “If you carve out Africa from the global data, the numbers just jump.”

The Stablecoin Utility Report released by BVNK was compiled with research firm YouGov using data from 4 658 respondents across 15 countries. According to the report, 79% of African crypto holders currently own or recently held stablecoins – the highest ownership rate of any region surveyed and well above the global average of 54%. High-income economies presented an even lower stablecoin adoption rate of 45%.

Harmse is a South African-born entrepreneur who co-founded BVNK with Jesse Hemson-Struthers (CEO) and Donald Jackson (chief technology officer) in 2021. Although the company is now headquartered in London, it still maintains an office of about 100 people in Cape Town.

Harmse said the major reason for the disparities in stablecoin adoption between Africa and more developed nations is the relative sophistication of the banking systems in different regions. This is especially true for cross-border payments, even at the institutional level.

Digital dollars

“I think it makes sense for emerging market banks who struggle to get access to a credible corresponding bank in Swift. So, their offshore money movement capabilities are not up to par, and that is where stablecoin infrastructure really shines. You can put dollars on a blockchain instead of going a via a corresponding bank,” said Harmse.

Some 95% of African survey respondents said they would like to receive payments in stablecoins, higher than the 77% global average. Harmse attributed this to the need to hedge against currency instability in their home nations, which tends to erode income, whereas the dollar tends to be more stable. Difficulty accessing dollars is another factor, whereas stablecoins are relatively easy to obtain.

Read: Why stablecoins are booming in Africa

“Even in South Africa, we see guys willing to get paid effectively in digital dollars, store that, and only sell some on a local crypto exchange when they need rand. At other times they’re spending it directly at a stablecoin-supported checkout,” said Harmse.

An increase in the number of outlets, online and physical, accepting crypto payments at checkout has been a strong driver of adoption. Holdings grew 73% across Africa over the past year, the highest rate of increase of any region globally. African holders also report saving an average of 41% on fees compared to traditional payment and remittance methods. And when asked about stablecoin debit cards – a product that links stablecoin balances to Visa or Mastercard spending – 89% of African respondents said they would be likely to use one, also the highest of any region.

BVNK is preparing to launch stablecoin-linked card at end of March, allowing holders to spend wherever Visa and Mastercard are accepted, without first converting to local currency.

The profile of stablecoin users in Africa also differs from the global norm. The report found that African women are equally as likely as men to hold stablecoins with a 51/49 male/female split. Globally, males dominate with 60% of the share.

Ownership is highest among 18-to-34-year-olds across all markets, but in Africa that demographic includes a large share of gig workers, freelancers and small business owners. Among respondents globally who already receive stablecoin payments, stablecoins represent around 35% of their total annual earnings.

BVNK processes about US$30-billion in annualised stablecoin payments volume. A significant portion of that is what Harmse calls “south-south flows”: money moving between Africa and Asia, or Africa and Latin America. These are corridors where the correspondent banking system is expensive, slow and unreliable.

“A Nigerian business paying a Chinese exporter via Swift might go through four or five hops – NGN to USD via New York, then Hong Kong, then into CNY. Via stablecoin rails, it’s wallet to wallet. The infrastructure just removes those intermediaries,” said Harmse.  – © 2026 NewsCentral Media