A new report reveals the region is a global leader in using Bitcoin and stablecoins for practical solutions, not just speculation.
According to a new report from Chainalysis, Sub-Saharan Africa’s cryptocurrency economy grew by 52 per cent last year, receiving over $205 billion in on-chain value between July 2024 and June 2025.
This solidifies the region as the world’s third-fastest-growing crypto market, highlighting its unique shift towards using digital assets to solve real-world economic challenges.
The growth was notably punctuated by a sharp surge in March 2025, when monthly volume hit nearly $25 billion. This outlier spike was primarily driven by a sudden currency devaluation in Nigeria, which prompted citizens to turn to crypto as a hedge against inflation.
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Crypto as a lifeline in Africa
The report underscores that crypto adoption in Africa fundamentally differs from many other regions. It is more closely tied to financial inclusion, with over 8 per cent of all transfers being for amounts under $10,000, significantly higher than the global average of 6 per cent.
“This highlights that crypto adoption trends in Sub-Saharan Africa are more intertwined with the region’s ongoing financial inclusion challenges,” the report states, noting that a large unbanked population has created “fertile ground” for alternative technologies.
Nigeria and South Africa: Two different paths
Nigeria is the region’s undisputed leader, receiving $92.1 billion in value—nearly triple that of second-place South Africa.
In Nigeria, adoption is driven by economic necessity: rampant inflation and strict foreign currency controls have made Bitcoin a popular store of value and stablecoins a key dollar substitute.
South Africa stands out for its advanced regulatory framework, which has fostered a mature institutional market focused on trading, arbitrage, and developing new crypto products by traditional financial institutions like Absa Bank.
Bitcoin dominates, stablecoins power trade
The data reveals a strong preference for Bitcoin, which makes up 89 per cent and 74 per cent of crypto purchases in Nigeria and South Africa, respectively. This suggests that it is primarily viewed as a crucial store of value rather than a purely speculative asset.
Simultaneously, large-scale stablecoin transfers are frequently used to facilitate cross-border trade and merchant payments between Africa, Asia, and the Middle East, acting as an efficient settlement rail where traditional finance is slow or limited.
The report concludes that Sub-Saharan Africa is acting as a “critical proving ground for crypto’s real-world utility,” actively reconstructing financial infrastructure from the ground up to meet its specific economic needs.
Stablecoin startups that are powering trade in Africa
Across Africa, fintech companies show how stablecoins can solve long-standing problems in payments and trade. From cross-border settlements to tourism and business transactions, these startups are reshaping how money moves on the continent.
Yellow Card has become one of Africa’s most important digital asset platforms. Active in 20 countries, including Kenya, Nigeria, and South Africa, it has processed $6 billion in transactions.
The company recently shifted its focus to business clients, now serving 30,000 enterprises and moving $3 billion annually in B2B payments. This shift highlights the rising demand for crypto-based payment solutions from African companies.
Nigeria is also seeing innovation through the cNGN Consortium, which launched Africa’s first regulated stablecoin in February 2025. Pegged 1:1 to the naira, cNGN differs from the central bank’s eNaira because regulated banks privately issue it and run on open blockchains like Ethereum, TRON, and Polygon.
Its supply has surged from 66 million to about 600 million in just five months, showing strong market confidence.
TurnStay is tackling the high costs of international tourism payments in South Africa. Using stablecoins to settle funds with local hotels and tour operators, the startup cuts costs by up to 70 per cent compared to traditional systems.
Since mid-2024, it has processed $13.5 million in transactions, proving that stablecoins can unlock savings in sectors with heavy cross-border flows.
Kenya’s HoneyCoin has built a bridge between banks and mobile money platforms across 15 countries. Settling with stablecoins reduces transfer times from days to hours for its 350 enterprise clients.
Backed by $4.9 million in funding, it is now expanding into Mozambique, Zambia, and Rwanda, and plans to launch a Visa-linked debit card powered by stablecoins.
Also, Mansa, based in Dubai but focused on Africa, is solving liquidity problems. With $10 million in funding led by Tether, it offers revolving lines of credit in stablecoins. This helps payment firms settle faster and manage cash flow across multiple currencies, having already processed nearly $31 million.
Together, these startups and others show how stablecoins are not just speculative tools but practical solutions driving trade, tourism, and financial inclusion across Africa.
What’s next in the Sub-Saharan Africa crypto economy
Sub-Saharan Africa is fast becoming a proving ground for crypto’s real-world utility. With 52 per cent year-over-year growth, the region is moving beyond speculation, using digital assets as adaptive tools in unstable economies.
Nigeria’s response to currency devaluation and South Africa’s regulatory progress highlight this shift. Stablecoins and bitcoin now serve practical roles—hedging inflation, enabling trade, and expanding access where banks fall short.
The March 2025 volume spike underscores crypto’s resilience during stress. As institutional players engage and regulations mature, Sub-Saharan Africa is not just adopting crypto—it’s shaping a new financial infrastructure from the ground up.