By Mohamed Ali - Technology & Digital Economy Commentary
May 08, 2026 - In 2025, stablecoins moved an estimated $33 trillion globally, highlighting the rapid rise of digital dollar-based payment systems that are increasingly reshaping financial activity across Africa and beyond.
The figure represents an 83 percent increase from the previous year and places stablecoin transaction volumes above many traditional global payment networks, including Visa and Mastercard.
Across Sub-Saharan Africa alone, approximately $205 billion in stablecoin-linked value moved during the same period, up 52 percent year-on-year.
The report argues that much of this activity occurred outside the direct visibility of central banks and traditional financial institutions, signalling a broader shift in how value is being stored, transferred, and protected across African economies.
While stablecoins were initially associated with cryptocurrency speculation, the report suggests their use across Africa is increasingly being driven by economic necessity, currency instability, remittances, and cross-border transactions.
Nigeria Emerges as Africa’s Largest Stablecoin Market#
Nigeria remains the continent’s biggest stablecoin story. Between July 2024 and June 2025, Nigerians moved an estimated $92 billion in digital assets, much of it through dollar-backed stablecoins such as USDT and USDC.
The surge has coincided with continued pressure on the naira, which lost more than 60 percent of its value against the US dollar between 2023 and early 2025, while inflation remained above 20 percent during parts of the same period.
According to the report, 95 percent of crypto-active Nigerians surveyed said they preferred receiving payments in stablecoins over the local currency. In response, Nigerian authorities have accelerated efforts to establish regulated domestic alternatives.
In 2025, the country launched cNGN, a regulated naira-backed stablecoin operating under joint oversight from the Central Bank of Nigeria and the Securities and Exchange Commission.
Nigeria also established a 15-member task force to study stablecoin policy and broader digital asset regulation as policymakers attempt to adapt to the rapid pace of adoption.
Kenya Moves to Integrate Existing Financial Infrastructure#
Kenya is taking a different approach. Rather than attempting to directly compete against stablecoins, the country appears focused on integrating existing financial systems into emerging blockchain infrastructure.
According to the report, Kenya processed approximately $3.3 billion in stablecoin transactions in the year ending June 2024, with volumes expected to have increased further since then.
In October 2025, President William Ruto signed the Virtual Asset Service Providers Bill, granting the Central Bank of Kenya expanded oversight over stablecoin issuers, wallet providers, and payment processors.
Months later, M-Pesa announced a partnership with ADI Chain, a blockchain platform backed by a major UAE-based conglomerate, in a move aimed at connecting its more than 60 million users to blockchain-compatible payment infrastructure.
The report suggests Kenya’s strategy is focused less on restricting stablecoin adoption and more on ensuring that existing financial infrastructure remains relevant as digital payment systems evolve globally.
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Somalia Seen as a Potential “Clean Slate” Market#
The report describes Somalia as one of the continent’s most unique digital finance cases. It estimates that up to 90 percent of US dollar flows in Somalia occur outside the formal banking system, with mobile money already dominating everyday transactions across large sections of the economy.
Unlike many countries with deeply established banking systems, Somalia has relatively limited legacy financial infrastructure, something the report frames as a potential advantage rather than a weakness.
According to the analysis, Somalia could have an opportunity to build a mobile-first digital monetary system from the ground up without having to dismantle older banking structures.
However, the report notes that political coordination, regulation, and implementation speed may determine whether the country can capitalize on that opportunity before the global digital payments landscape matures further.
Africa Leads Global Stablecoin Ownership#
One of the report’s most striking findings concerns ownership rates. Among crypto-active users, 79 percent of Africans reportedly hold stablecoins, the highest regional rate globally.
That compares to 60 percent across other emerging markets and 45 percent in high-income economies. The data challenges long-standing assumptions that Africa is lagging behind in financial technology adoption.
Instead, the continent is increasingly emerging as one of the world’s fastest-growing environments for practical stablecoin usage, driven largely by real economic pressures rather than speculative trading activity.
But the report also raises broader concerns about infrastructure control. At present, much of the global stablecoin ecosystem remains dominated by private American firms such as Tether and Circle, meaning an increasing share of digital value transfers could ultimately rely on financial infrastructure governed outside Africa.
The report warns that unless African central banks, regulators, and fintech firms move faster, the architecture of digital money across the continent may increasingly be shaped externally rather than locally.
A Financial Shift Already Underway#
The report concludes that stablecoin adoption across Africa is now advancing faster than regulatory systems can fully respond to.
Citizens, businesses, freelancers, and cross-border traders are increasingly adopting digital dollar infrastructure in response to inflation, currency volatility, and payment inefficiencies.
According to the report, the transition is no longer theoretical. It is already happening in real time across multiple African economies.
And while different countries are responding differently, through regulation, integration, or experimentation , the broader shift in financial infrastructure is becoming increasingly difficult for policymakers to ignore.