Nigeria has taken the lead globally in stablecoin adoption and holds the second-highest position worldwide in overall digital asset usage, according to the 2025 Report on the State of Digital Assets Regulation in Africa, released on June 18 by Yellow Card, a licensed stablecoin payments platform.
The report highlights Nigeria’s role in Africa’s digital financial development, noting that 25.9 million Nigerians—about 11.9 percent of the population—actively use digital assets.
Africa leads the world in stablecoin adoption rate
Sub-Saharan Africa boasts the highest stablecoin adoption rate globally at 9.3 percent, driven by macroeconomic challenges such as currency devaluation and inflation.
“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.
The research identifies 10 African countries among the top 50 global digital asset adopters, including Ethiopia (26th), Morocco (27th), Kenya (28th), South Africa (30th), Uganda (34th), Algeria (43rd), Egypt (44th), Ghana (46th), and the Democratic Republic of the Congo (48th).
Even as most of the countries face regulatory challenges—such as outright bans in Algeria, Egypt, Morocco, and Tunisia—adoption continues to rise. Morocco and Egypt alone account for over 17 million users combined, with Morocco expected to introduce a comprehensive regulatory framework by the end of 2025, as noted in the report.
In response to growing adoption, African governments are under increasing pressure to provide regulatory clarity. Responses range from regulatory sandboxes and draft legislation to enacted laws governing Virtual Asset Service Providers (VASPs).
Nigeria’s Securities and Exchange Commission (SEC) now classifies digital assets as securities, while the Central Bank of Nigeria (CBN) has eased restrictions on crypto firms.
“We’re seeing real momentum from both regulators and innovators, a clear signal that digital assets are no longer fringe, but foundational,” said Craig Stoehr, Yellow Card’s General Counsel.
CBDCs and the future of finance
Some countries, including Nigeria, are experimenting with Central Bank Digital Currencies (CBDCs) to promote financial inclusion and monetary stability. However, these initiatives often lag behind the rapid local adoption of decentralised 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,” the report added.
With over 54 million digital asset users across the continent, Africa’s financial ecosystem is undergoing a profound transformation. As regulatory frameworks mature, investor confidence is expected to increase, further accelerating the adoption and innovation of these frameworks.
“Nigeria’s leadership in stablecoin adoption is not just a tech milestone; it’s a signal of how financial innovation can thrive in response to local needs,” Yellow Card emphasised.
The report concludes that Africa’s digital asset surge is reshaping financial systems, offering millions a vital lifeline amid economic struggles.
