Africa’s largest economies, Nigeria and South Africa, are leading global growth in stablecoin demand, according to a recent multi country survey examining digital asset adoption trends. The findings highlight how users in emerging markets are increasingly turning to dollar pegged digital tokens for payments, savings, and cross border transfers.
The Stablecoin Utility Report, conducted by YouGov in collaboration with digital asset firms, surveyed more than 4,600 individuals across 15 countries who either hold or intend to hold stablecoins or cryptocurrencies. The data shows that developing economies are recording the strongest growth in stablecoin usage, with Nigeria and South Africa standing out in both current ownership and future intent.
Nearly 80 percent of respondents in Nigeria and South Africa reported already holding stablecoins. More than three quarters of those holders said they plan to increase their positions over the next year. Among participants who do not yet own stablecoins, interest in starting was roughly twice as high in low and middle income countries compared to wealthier nations.
In Nigeria, where currency volatility and foreign exchange restrictions have weighed on the naira in recent years, preference for dollar backed digital assets is particularly pronounced. The survey found that 95 percent of Nigerian respondents would prefer to receive payments in stablecoins rather than in the local currency. This reflects growing reliance on digital dollars as a hedge against inflation and exchange rate instability.
Globally, the stablecoin market now exceeds 310 billion dollars in value, dominated by U.S. dollar pegged tokens such as Tether and USDC. While most stablecoin transactions still relate to cryptocurrency trading, accounting for the vast majority of on chain flows, payment use cases are expanding gradually. In regions where traditional banking systems can be slow or expensive, stablecoins are being used for remittances, freelance payments, and business settlements.
India was also identified as a fast growing market for stablecoin adoption, reinforcing the broader trend across emerging economies. Respondents cited speed, lower transaction costs, and improved reliability compared to traditional payment channels as primary motivations.
However, central banks in developing countries remain cautious. Policymakers warn that widespread adoption of foreign currency linked stablecoins could accelerate dollarization and weaken domestic monetary control. Concerns include potential pressure on local bank deposits and increased risk of capital flight.
At the same time, some regulators acknowledge potential efficiency gains. High remittance costs within parts of Africa have long posed challenges for cross border workers and small businesses. Digital tokens that settle instantly on blockchain networks could reduce those costs significantly.
Despite strong demand, limited merchant acceptance remains a barrier. Many respondents expressed interest in using stablecoins for everyday purchases, but availability at retail outlets and online platforms is still uneven.
The survey underscores a structural shift in how emerging market users view digital dollars, not merely as trading instruments but as practical financial tools within evolving payment ecosystems.
