Nigeria Dominates African Stablecoin Adoption with 60% Market Share

Nigeria has emerged as a major hub for stablecoin adoption in Africa, accounting for about 60% of all stablecoin inflows into sub-Saharan Africa since 2019, according to findings from the International Monetary Fund (IMF). The country received approximately $59 billion in crypto asset inflows between July 2023 and June 2024.

Bitget Wallet, a self-custodial cryptocurrency wallet, has surpassed 100 million users globally, with more than half of its users located across Southeast Asia, South Asia, Africa, and Latin America. The company's growth is attributed to the increasing adoption of stablecoins for everyday financial transactions rather than speculative trading.

The sharp depreciation of the naira against the US dollar in 2024 and high costs of international money transfers have driven the growth of stablecoin use in Nigeria. Bitget Wallet introduced a direct bank transfer service in November 2025, enabling users to convert stablecoins such as USDT and USDC into naira and receive instant settlements through partner banks.

Bitget Wallet's Chief Operating Officer, Alvin Kan, said that users in markets like Nigeria are increasingly adopting stablecoins for everyday financial activities rather than viewing them as crypto assets. 'The account just happens to be onchain. What the data is showing us is that this is becoming routine, and what starts as routine in these markets tends to define what global finance looks like next.'