Nigeria and South Africa are spearheading a surge in stablecoin adoption, with users in both countries demonstrating strong optimism about their potential, according to a new survey published on February 18, 2026.
The Stablecoin Utility Report, conducted by YouGov in partnership with crypto firms BVNK, Coinbase, and Artemis, surveyed over 4,650 participants across 15 countries who either hold or intend to hold stablecoins or other cryptocurrencies.
The study found that nearly 80 percent of respondents in Nigeria and South Africa already hold stablecoins, and over 75% of them plan to increase their holdings within the coming year. Among respondents who do not yet own stablecoins, the intent to adopt them was roughly twice as high in low- and middle-income economies compared with high-income ones.
In Nigeria specifically, 95 percent of survey participants expressed a preference to receive payments in stablecoins rather than in the local Naira, reflecting the growing confidence in digital dollar-pegged currencies as practical tools for everyday financial transactions.
Stablecoins are cryptocurrencies pegged to stable assets, typically the U.S. dollar, offering users a more reliable store of value compared with more volatile cryptocurrencies like Bitcoin or Ethereum. Their adoption in Africa is largely driven by the need for faster, cheaper, and more reliable payment solutions, particularly in economies where traditional banking and digital payment infrastructure can be slow, costly, or limited. As Chris Harmse, co-founder of BVNK, explained, “People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable.”
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Currently, however, most stablecoin activity remains concentrated within cryptocurrency markets. According to a 2025 report by the Boston Consulting Group, nearly 90 percent of stablecoin transactions occur in crypto trading, while only about 6% are used to pay for goods or services. Despite this, the growing interest in stablecoins for payments signals potential for broader adoption beyond trading, particularly as users seek cross-border payment solutions, remittance options, and more accessible digital financial services.
The survey also noted growing demand for stablecoins in other emerging markets, including India, highlighting the global trend toward dollar-linked digital payments. In Africa, the strong uptake in Nigeria and South Africa is partly linked to larger population bases, higher smartphone penetration, and more established digital finance ecosystems. Stablecoins are increasingly integrated into mobile wallets, fintech platforms, and peer-to-peer payment systems, enabling individuals to conduct transactions, receive salaries, and manage savings more efficiently.
However, experts caution that stablecoins carry risks, particularly related to economic dollarisation and capital flight. Since the majority are pegged to the U.S. dollar, widespread adoption could reduce reliance on local currencies, potentially creating vulnerabilities in national monetary policy and financial stability. Regulators and financial authorities across the continent are therefore paying closer attention to the sector, seeking ways to balance innovation with consumer protection, compliance, and financial oversight.
The findings underscore the transformative potential of stablecoins in Africa’s largest economies. Nigeria and South Africa, as the continent’s financial hubs, are demonstrating how digital currencies can complement traditional banking systems, enhance financial inclusion, and provide alternative avenues for cross-border trade and remittances. With more than half of survey respondents reporting increased stablecoin holdings over the past year, and high intentions to expand usage further, the continent is poised for accelerated adoption of digital financial instruments, especially in contexts where conventional financial infrastructure is limited.
As African governments and regulators continue to navigate the opportunities and risks posed by digital currencies, stablecoins are emerging as a powerful tool for economic participation, payment efficiency, and financial innovation. Their rise signals not only a shift in how people manage money in Africa but also a potential redefinition of the continent’s relationship with global capital flows and digital finance.
