Africa’s largest economies are emerging as key drivers of global stablecoin demand, with Nigeria and South Africa showing the strongest growth and highest optimism toward dollar pegged digital assets, according to a recent multi country survey.
The Stablecoin Utility Report, conducted by YouGov in collaboration with crypto firms, surveyed more than 4,650 individuals across 15 countries who either hold or intend to hold stablecoins or other digital assets. The findings indicate that developing economies are leading both in current ownership and in plans to increase exposure over the next year.
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 expand their positions further. The data also showed that more than half of all respondents globally increased their stablecoin holdings in the past year, with the strongest acceleration coming from lower and middle income countries.
Stablecoins are widely viewed as a faster and cheaper way to move value, particularly in markets where traditional banking infrastructure can be slow, costly, or unreliable. In Nigeria, a large majority of surveyed participants said they would prefer receiving payments in stablecoins rather than in the local naira. This preference reflects ongoing concerns about currency volatility, inflation pressures, and access to foreign exchange.
Globally, the stablecoin market has grown to more than 310 billion dollars in outstanding value, dominated by US dollar linked tokens such as Tether and USDC. Because around 99 percent of stablecoins are pegged to the US dollar, their rapid adoption in emerging markets effectively deepens the reach of dollar liquidity beyond formal banking channels.
However, the survey also highlights that most stablecoin usage remains tied to crypto trading. Industry estimates suggest that close to nine tenths of stablecoin transactions are linked to digital asset markets, while only a small share is currently used for direct payments for goods and services. Even so, respondents expressed interest in greater integration of stablecoins into everyday financial tools, including wallets, remittance services, and merchant platforms.
Beyond Africa, countries such as India are also seeing rising demand, suggesting that stablecoin adoption is increasingly shaped by structural factors rather than speculative cycles alone. High inflation environments, currency restrictions, and cross border payment frictions appear to be significant drivers.
For policymakers, the rapid growth of dollar pegged stablecoins presents both opportunity and risk. On one hand, they can expand financial inclusion and reduce transaction costs. On the other, they may contribute to de facto dollarisation and complicate domestic monetary policy transmission if large segments of the population shift savings and payments into digital dollar instruments.
As regulatory frameworks evolve in major economies and institutional participation expands, emerging markets are likely to remain at the center of stablecoin demand growth, linking local financial conditions more directly to the global US dollar system.
