According to an upcoming report from Chainalysis, Nigeria has become the second-largest adopter of cryptocurrencies globally, solidifying its position as a leader in digital finance. The country's expanding crypto ecosystem is driven by everyday transactions, remittances, and business payments that increasingly rely on digital assets, particularly stablecoins. This trend is reflective of a broader growth in crypto adoption in Sub-Saharan Africa, driven by the need for alternative financial services and more accessible international markets. The region received $125 billion in on-chain value between July 2023 and June 2024, marking a $7.5 billion increase from the previous year. Other countries in the region, including Ethiopia, Kenya, and South Africa, have also secured spots in the top 30 on the Chainalysis Global Adoption Index. Stablecoins play a crucial role in the Sub-Saharan Africa crypto economy, accounting for 43% of total crypto transactions. These dollar-pegged digital currencies are attractive in countries with volatile local currencies and limited access to US dollars. In Nigeria, stablecoins like USDT and USDC are used to protect assets from local currency devaluation and foreign exchange shortages, allowing businesses to engage in international trade. Overall, the growing adoption of crypto, particularly stablecoins, is driving financial inclusion and innovation in the region.



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