Rich by Coin

Africa’s two largest economies by population, Nigeria and South Africa, are driving the strongest growth in demand for stablecoins and are the most optimistic about their potential, according to a recent survey. The Stablecoin Utility Report, conducted by YouGov in partnership with BVNK, Coinbase and Artemis, gathered responses from more than 4,650 people across 15 countries who either hold or plan to hold stablecoins or cryptocurrencies. Today, the use of stablecoins is largely to move money between cryptocurrency markets, with nearly nine-tenths of stablecoin transactions linked to trading and only about 6% used for goods or services.

The report also found growing demand for stablecoins in other emerging countries such as India, and showed over half of those surveyed had increased stablecoin holdings in the last year, with developing economies seeing the strongest trends. Almost 80% of Nigerian and South African respondents already held stablecoins, with over 75% intending to increase their holdings further in the coming year. Among non-owners, the intent to start holding stablecoins was roughly twice as high in low and middle-income economies than in high-income ones, with 95% of Nigerian respondents saying they would prefer to receive payments in stablecoins than in the Naira.

“People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable,” said Chris Harmse, co-founder of BVNK. But they are also “asking for greater integration into their existing financial tools,” he added.

Globally, the stablecoin market is valued at more than $310 billion, dominated by U.S.-pegged tokens such as Tether ($185 billion) and USDC ($75 billion). The market is expected to expand further following U.S. regulatory moves, such as the GENIUS Act. The survey also highlighted limited acceptance of stablecoins in shops and online as a hurdle to broader adoption for everyday purchases and subscriptions. South African Reserve Bank Governor Lesetja Kganyago pointed out a potential benefit, noting remittance fees as high as $30 to send $100 to neighboring Mozambique, a gap stablecoins could help address.