Nigeria and South Africa have emerged as Africa’s strongest growth engines for stablecoin adoption, with nearly 80 per cent of surveyed cryptocurrency users in both countries already holding dollar-pegged digital assets, according to a new global report.

The findings, contained in the latest Stablecoin Utility Report conducted by YouGov in partnership with BVNK, Coinbase and Artemis, highlight accelerating demand for stablecoins in Africa’s two largest economies as individuals and businesses seek faster, cheaper and more reliable cross-border payment options.

The survey, which polled more than 4,650 respondents across 15 countries who either hold or intend to hold cryptocurrencies, showed that optimism around stablecoins is particularly strong in Nigeria and South Africa compared with global peers.

More than three-quarters of respondents in both countries indicated plans to increase their stablecoin holdings over the next 12 months.

Nigeria stood out prominently in the report, with about 95 per cent of Nigerian respondents expressing a preference to receive payments in stablecoins rather than in naira.

The finding underscores the growing appeal of dollar-linked digital assets in inflation-prone environments, where currency volatility and foreign exchange constraints have heightened demand for alternative stores of value and mediums of exchange.

Stablecoins are digital tokens designed to maintain a fixed value, typically pegged to the U.S. dollar. As of February 2026, the sector’s market capitalisation exceeds $300bn, positioning it as the primary liquidity backbone of the broader cryptocurrency ecosystem.

The report suggests that the primary drivers of adoption in Nigeria and South Africa are practical rather than speculative. Users cited the need for faster settlement times, lower transaction costs and greater reliability compared with traditional banking and remittance channels.

“People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable,” said BVNK co-founder Chris Harmse. He added that users are increasingly seeking deeper integration of stablecoins into existing financial tools and payment infrastructure.