Nigeria and Ethiopia have both experienced local currency devaluation which has driven stablecoin adoption.
Stablecoin transactions now comprise nearly half of the total transaction volume in Sub-Saharan Africa, largely due to currency devaluation.
Stablecoins account for approximately 43% of the Sub-Saharan African region’s total transaction volume, according to Chainalysis’ latest report on the African crypto scene published on Oct. 2.
“We have repeatedly noted an association between currency devaluation and stablecoin adoption,” Eric Jardine, Cybercrimes Research Lead at Chainalysis, told Cointelegraph.
