Nigeria and South Africa are emerging as key drivers of global stablecoin demand, reflecting growing interest in digital alternatives to traditional financial systems across developing economies.
A recent survey conducted by YouGov in collaboration with crypto firms BVNK, Coinbase and Artemis found that stablecoin adoption is rising fastest in lower and middle-income markets. More than half of respondents globally reported increasing their stablecoin holdings over the past year, with Nigeria and South Africa showing the strongest growth trends.
Nearly 80% of respondents in both countries already hold stablecoins, and over 75% plan to increase their holdings further in the coming year. Among those who do not yet own stablecoins, interest in adoption was roughly twice as high in developing economies compared to wealthier nations.
Stablecoins are primarily used today for crypto trading and money transfers, but their appeal is expanding. In Nigeria, 95% of respondents said they would prefer receiving payments in stablecoins rather than the local currency, citing faster transactions and lower costs.
Despite the momentum, concerns remain among policymakers. Since most stablecoins are tied to the U.S. dollar, central banks fear increased use could weaken domestic monetary control and accelerate capital outflows.
The global stablecoin market, currently valued at over $310 billion, continues to expand as emerging economies seek more efficient payment systems and reduced reliance on costly remittance channels.
