Stablecoin Usage Surges, Led by Africa in Cross-Border Payments
Stablecoin usage has surged, with Kenya, Nigeria, and Ghana leading in cross-border payments and online commerce. The stablecoin market cap hit $247.3 billion on May 29, 2025, up 54.5% in a year. Tether's USDT and Circle's USDC top user preferences.
Stablecoin payments have boomed, reaching $13.2 billion annually via card links and $36 billion in B2B transactions. African fintechs like Boom Technologies drive this growth, offering decentralized finance and instant cross-border payments. Nigeria and South Africa's regulatory environments further boost stablecoin use. Meanwhile, central bank digital currencies (CBDCs) in Nigeria, Ghana, Kenya, and Rwanda complement these initiatives, focusing on financial inclusion and reduced remittance costs. USDT and USDC lead in usage, settled $94.2 billion in transactions since January 2023. TRON and Ethereum are the most used blockchains for stablecoin payments.
Stablecoins have become crucial for cross-border payments and online commerce, particularly in emerging markets like Africa. With a growing market cap and increasing usage, stablecoins are reshaping global finance. Meanwhile, U.S. lawmakers and big banks explore regulation and potential joint crypto stablecoin launches.
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