Chainalysis: Stablecoin Trading Now Accounts for 43% of Total Crypto Trading in Sub-Saharan Africa

Stablecoin trading now accounts for 43 percent of total crypto trading in sub-Saharan Africa, according to a new report from Chainalysis, mainly due to a surge in demand for stablecoin as a result of the devaluation of local currencies, Cointelegraph reported. The widespread use of stablecoin has been fueled by significant currency devaluations in Nigeria and Ethiopia, particularly in Nigeria, where crypto trading volume reached approximately $59 billion over the past year, with 85 percent of transactions under $1 million.

The report also noted that stablecoins are gradually replacing bitcoin as the most received crypto asset in South Africa.