Africa leads the world in adopting stablecoins

use cases Stablecoin adoption is stronger in Africa, where formal banking channels are weaker than in more developed markets.

A new report from BVNK and YouGov finds that Africans are more likely to own, use, and pay with stablecoins than people in other regions of the world. While other sectors look at stablecoins – and cryptocurrency In general – as speculative assets, Africans are already using stablecoins in their daily transactions.

“People in Africa have strong demand for the dollar and the easiest way to do that is with a stablecoin,” Chris Harmsey, co-founder and chief business officer of BVNK, said in an interview with TechCentral. “If you exclude Africa from the global data, the numbers suddenly increase.”

Stablecoin Utility Report The report released by BVNK was compiled with research firm YouGov using data from 4,658 respondents across 15 countries. According to the report, 79% of African crypto holders currently or recently owned stablecoins – the highest ownership rate of any region surveyed and well above the global average of 54%. High-income economies presented an even lower stablecoin adoption rate of 45%.

Harmse is a South African-born entrepreneur who co-founded BVNK in 2021 with Jesse Hamson-Struthers (CEO) and Donald Jackson (Chief Technology Officer). Although the company is now headquartered in London, it still maintains an office of around 100 people in Cape Town.

Harmsey said the main reason for the disparities in stablecoin adoption between Africa and more developed countries is the relative sophistication of banking systems in different regions. This is especially true for cross-border payments, even at the institutional level.

digital dollar

“I think it makes sense for emerging market banks that struggle to get access to a trusted linked bank in SWIFT. So, their offshore money movement capabilities are not up to par, and that's where the stablecoin infrastructure really shines. You can put dollars on the blockchain instead of going through a linked bank,” Harmsey said.

Nearly 95% of African survey respondents said they would like to receive payments in stablecoins, higher than the global average of 77%. Harmsey attributed this to the need to hedge against currency instability in their home nations, which reduces incomes while the dollar becomes more stable. Difficulty in accessing dollars is another factor, while stablecoins are relatively easy to obtain.

Reading: Why are stablecoins booming in Africa?

“Even in South Africa, we see people effectively willing to get paid in digital dollars, store it, and only sell some on a local crypto exchange when they need rands. At other times they are spending it directly at stablecoin-backed checkouts,” Harmsey said.

The increase in the number of online and physical outlets accepting crypto payments at checkout has been a strong driver of its adoption. Holdings across Africa grew by 73% last year, the highest rate of growth of any region globally. African holders also report an average of 41% savings on fees compared to traditional payment and remittance methods. And when asked about stablecoin debit cards – a product that links stablecoin balances to Visa or MasterCard spending – 89% of African respondents said they were likely to use it, the highest of any region.

BVNK is preparing to launch a stablecoin-linked card in late March, allowing holders to spend wherever Visa and MasterCard are accepted, without converting into local currency.

The profile of stablecoin users in Africa also differs from the global norm. The report found that African women are just as likely as men to own stablecoins, with a 51/49 male/female split. Globally, men dominate with a 60% share.

Ownership is highest among 18 to 34-year-olds across all markets, but in Africa the demographic includes a larger share of gig workers, freelancers and small business owners. Among respondents globally who already receive stablecoin payments, stablecoins represent approximately 35% of their total annual income.

BVNK processes approximately US$30 billion in annual stablecoin payment volume. An important part of this is what Harmsey calls “South-South flows”: the transfer of wealth between Africa and Asia, or Africa and Latin America. These are corridors where the correspondent banking system is expensive, slow and unreliable.

“A Nigerian business paying a Chinese exporter through SWIFT can go through four or five hops – from NGN through USD to New York, then to Hong Kong, then to CNY. Through the stablecoin rail, it's wallet to wallet. The infrastructure just removes those middlemen,” Harmsey said. – © 2026 NewsCentral Media