CandleFocus Chainalysis: Stablecoins represent 40% of crypto economy in Sub-Saharan Africa
2024-10-03
Author: Content Editor
Stablecoins, such as Tether (USDT) and Circle (USDC), are gaining popularity in Sub-Saharan Africa, representing around 43% of the region's total crypto transaction volume. These dollar-pegged stablecoins are being used by businesses and individuals to store value, facilitate international payments, and support cross-border trade in nations with volatile local currencies and limited access to US dollars. The struggle to access US dollars has led to a significant increase in stablecoin transfers in countries like Ethiopia, which has experienced a recent devaluation of its currency. As traditional financial institutions struggle to meet the demand for US dollars, stablecoins are becoming seen as a "proxy for the dollar." Experts predict that stablecoins will play a crucial role in Africa's economy in the coming years.
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