Nigeria has been ranked top in the adoption of stablecoin and the second globally in overall digital asset usage, according to the ‘2025 Report on the State of Digital Assets Regulation in Africa’ by Yellow Card.
The licensed stablecoin payments platform stated that Nigeria is at the forefront of a growing digital financial revolution.
The report revealed that “25.9 million Nigerians, approximately 11.9 percent of the population, are active users of digital assets, with a clear preference for USD-denominated stablecoins.”
“Stablecoins have become an increasingly critical tool for Africans seeking more efficient and accessible financial solutions. Nowhere is this more evident than in Nigeria,” the report noted. “Nigeria’s leadership in stablecoin adoption and digital asset usage is not just a tech milestone; it’s a signal of how financial innovation can thrive in response to local needs.”
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Stablecoins in Nigeria are widely used for cross-border payments, currency hedging, and accessing dollar-backed assets, offering a lifeline to individuals and businesses navigating a volatile financial terrain.
Nigeria’s surge in digital asset usage is rooted in macroeconomic necessity. With the naira experiencing persistent devaluation and inflation eroding purchasing power, stablecoins have become a practical tool for millions, according to the report.
Nine other African countries also made it to the global top 50 in digital asset adoption, they are Ethiopia (26th), Morocco (27th), Kenya (28th), South Africa (30th), Uganda (34th), Algeria (43rd), Egypt (44th), Ghana (46th) and Democratic Republic of the Congo (48th).
The report stated that Sub-Saharan Africa now boasts the highest stablecoin adoption rate globally, at 9.3 percent, with Nigeria leading the charge. Across the continent, over 54 million people now use digital assets, reflecting a sweeping shift in how Africans are engaging with money.
It stated that despite regulatory challenges such as outright bans or restrictions in Algeria, Egypt, Morocco, and Tunisia, adoption continues to rise. Morocco and Egypt alone are estimated to have over 17 million users combined, and Morocco is on track to introduce a full regulatory framework by the end of 2025.
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As usage soars, African governments are now under pressure to provide regulatory clarity. The report highlights a range of responses from regulatory sandboxes and draft legislation to enacted laws governing Virtual Asset Service Providers (VASPs).
The report noted some countries, including Nigeria, that are experimenting with Central Bank Digital Currencies (CBDCs), targeting goals like financial inclusion, monetary stability, and economic resilience.
However, these government-backed initiatives are progressing cautiously, often lagging behind the grassroots momentum of decentralised digital assets.
“Digital assets are becoming a permanent fixture in Africa’s financial landscape, driven not only by individual users but increasingly by businesses and financial institutions, with international collaboration and government interest accelerating the trend,” it added.
