Bitcoin
Bitcoin (BTC)
$81,974.00 2.91287
Bitcoin price
Ethereum
Ethereum (ETH)
$3,188.16 -0.53826
Ethereum price
BNB
BNB (BNB)
$625.85 -1.44
BNB price
Solana
Solana (SOL)
$215.61 4.97219
Solana price
XRP
XRP (XRP)
$0.586633 0.10832
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 11.76825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 3.84415
Pepe price
Bonk
Bonk (BONK)
$0.000026 5.39363
Bonk price
dogwifhat
dogwifhat (WIF)
$3.08 21.70658
dogwifhat price
Popcat
Popcat (POPCAT)
$1.65 13.73491
Popcat price
Bitcoin
Bitcoin (BTC)
$81,974.00 2.91287
Bitcoin price
Ethereum
Ethereum (ETH)
$3,188.16 -0.53826
Ethereum price
BNB
BNB (BNB)
$625.85 -1.44
BNB price
Solana
Solana (SOL)
$215.61 4.97219
Solana price
XRP
XRP (XRP)
$0.586633 0.10832
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 11.76825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 3.84415
Pepe price
Bonk
Bonk (BONK)
$0.000026 5.39363
Bonk price
dogwifhat
dogwifhat (WIF)
$3.08 21.70658
dogwifhat price
Popcat
Popcat (POPCAT)
$1.65 13.73491
Popcat price
Bitcoin
Bitcoin (BTC)
$81,974.00 2.91287
Bitcoin price
Ethereum
Ethereum (ETH)
$3,188.16 -0.53826
Ethereum price
BNB
BNB (BNB)
$625.85 -1.44
BNB price
Solana
Solana (SOL)
$215.61 4.97219
Solana price
XRP
XRP (XRP)
$0.586633 0.10832
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 11.76825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 3.84415
Pepe price
Bonk
Bonk (BONK)
$0.000026 5.39363
Bonk price
dogwifhat
dogwifhat (WIF)
$3.08 21.70658
dogwifhat price
Popcat
Popcat (POPCAT)
$1.65 13.73491
Popcat price
Bitcoin
Bitcoin (BTC)
$81,974.00 2.91287
Bitcoin price
Ethereum
Ethereum (ETH)
$3,188.16 -0.53826
Ethereum price
BNB
BNB (BNB)
$625.85 -1.44
BNB price
Solana
Solana (SOL)
$215.61 4.97219
Solana price
XRP
XRP (XRP)
$0.586633 0.10832
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000259 11.76825
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000124 3.84415
Pepe price
Bonk
Bonk (BONK)
$0.000026 5.39363
Bonk price
dogwifhat
dogwifhat (WIF)
$3.08 21.70658
dogwifhat price
Popcat
Popcat (POPCAT)
$1.65 13.73491
Popcat price

Chainalysis: Stablecoins represent 40% of crypto economy in Sub-Saharan Africa

chainalysis-stablecoins-represent-40-of-crypto-economy-in-sub-saharan-africa
Edited by
News
Chainalysis: Stablecoins represent 40% of crypto economy in Sub-Saharan Africa

As businesses turn to dollar-pegged options, stablecoins now represent over 40% of Sub-Saharan Africa’s crypto economy.

Stablecoins have emerged as a vital component of Sub-Saharan Africa‘s crypto economy, accounting for approximately 43% of the region’s total transaction volume, according to a recent report from Chainalysis.

In nations grappling with volatile local currencies and limited access to U.S. dollars, dollar-pegged stablecoins such as Tether (USDT) and Circle (USDC) have gained prominence, enabling businesses and individuals to store value, facilitate international payments, and bolster cross-border trade.

In a commentary to Chainalysis, Yellow Card chief executive Chris Maurice said that “about 70% of African countries are facing an FX shortage, and businesses are struggling to get access to the dollars they need to operate.”

Chainalysis: Stablecoins represent 40% of crypto economy in Sub-Saharan Africa - 1
Share of Bitcoin vs stablecoins received in Sub-Saharan Africa’s region | Source: Chainalysis

Stablecoins to become primary use case for crypto in South Africa

As a result of this struggle, Ethiopia, Africa’s second-most populous nation, has seen retail-sized stablecoin transfers grow by 180% year-over-year, fueled by a recent 30% devaluation of its local currency, the birr.

While traditional financial institutions struggle to meet the demand for U.S. dollars, stablecoins are increasingly viewed as a “proxy for the dollar,” Maurice said, adding that “if you can get into USDT or USDC, you can easily swap that into hard dollars elsewhere.”

Looking ahead, Rob Downes, head of digital assets at ABSA Bank, a major African bank operating in 12 African countries, foresees stablecoins playing a pivotal role in Africa’s economic landscape, stating that dollar-pegged tokens are going to be the “primary use case for crypto in South Africa over the next three to five years.”