Sub-Saharan Africa is third in growth in cryptocurrency adoption

• Cryptocurrencies attract investors in Sub-Saharan Africa
• Stablecoins drive institutional adoption in the region
• Nigeria and South Africa lead the cryptocurrency market

Sub-Saharan Africa emerges as the third fastest-growing region in cryptocurrency adoption, according to a recent report from Chainalysis . The study highlights that the movement is supported by economic and social factors, such as the devaluation of local currencies, the difficulty of accessing traditional financial systems, and the search for safe alternatives for transferring value.

According to the data presented, between July 2024 and June 2025, the region moved US$205 billion in on-chain value, a 52% increase compared to the previous period. This puts Sub-Saharan Africa just behind Asia-Pacific and Latin America in terms of expanding cryptocurrency use.

Institutional growth has been spurred primarily by the use of stablecoins in multi-million dollar transactions involving trading partners in Africa, the Middle East, and Asia. Within the region, Nigeria stands out as a leading player, receiving US$92,1 billion in value over this 12-month period.

"Nigeria's scale is linked not only to its population and tech-savvy youth, but also to persistent inflation and foreign currency access issues that have made stablecoins an attractive alternative," Chainalysis wrote.

Meanwhile, South Africa has made significant progress thanks to its more structured regulatory framework, which has favored the consolidation of an institutional cryptocurrency market. Local companies have been expanding their activities beyond simple exploration to areas such as custody and new product development.

In addition to institutional growth, the report indicates that retail cryptocurrency use has surpassed that of other regions. More than 8% of transfers in Sub-Saharan Africa were for amounts up to US$10.000, above the global average of 6%. This trend reinforces the use of cryptocurrencies in everyday situations, such as remittances and payments.

Exchange rate instability, high inflation, and dollar scarcity strengthen the appeal of dollar-pegged stablecoins. The previous report, covering July 2023 to June 2024, identified that these assets accounted for 43% of the region's transaction volume.

For experts, the African continent is positioned as a strategic space for the expansion of cryptocurrencies, both due to the growth of the institutional market and the practical use in the daily lives of local populations.