Africa Leads the World in Stablecoin Spending, Nigeria and South Africa at the Forefront
The report shows that both current and intended stablecoin spending are highest in Nigeria and South Africa, outpacing all other surveyed markets globally.
Africa is emerging as one of the world’s most active stablecoin markets, with Nigeria and South Africa at the forefront of real-world usage, according to the Stablecoin Utility Report 2026.
The report shows that both current and intended stablecoin spending are highest in Nigeria and South Africa, outpacing all other surveyed markets globally. Unlike regions where stablecoins are still largely held as savings or investment assets, users in these two countries are actively spending stablecoins on everyday goods and services, reinforcing their role as practical payment tools rather than speculative instruments.
Every day and subscription spending—such as online shopping, digital services, and recurring payments—has become the dominant use case. In Nigeria, 62% of respondents cited daily expenses as their primary motivation for spending stablecoins, while 50% of respondents in South Africa reported the same, both figures significantly above the global average. This trend reflects a pragmatic response to local economic realities, including currency volatility, high transaction fees, and limited access to international payment rails.
Stablecoins also move at high velocity in both markets. A large share of African users convert or spend stablecoins within days of receiving them, underscoring their function as transactional money rather than long-term stores of value. Africa records the highest likelihood globally of using stablecoin-linked debit cards, with 89% of respondents expressing interest, highlighting strong demand for seamless, card-like payment experiences.
Among the 15 countries surveyed, Nigeria ranks first globally, followed closely by South Africa, for both actual stablecoin spending and the desire to increase usage. More than half of users in both countries report making purchases specifically because a merchant accepted stablecoins, demonstrating that acceptance directly influences consumer behavior and drives merchant growth.
Overall, the findings position Nigeria and South Africa as blueprint markets for stablecoin-powered payments. Their experience shows that where traditional financial systems are costly or restrictive, stablecoins evolve into everyday financial infrastructure—used for spending, not speculation. As merchant acceptance expands and payment experiences become simpler, the report suggests that similar spending patterns could soon emerge across other African markets.
