Saudi Arabia Surges as MENA Crypto Transaction Volume Hits Nearly $350 Billion

The Middle East and North Africa (MENA) region has seen a significant surge in crypto transaction volume, reaching nearly $350B over three years. This growth is largely driven by Saudi Arabia's rapid ascent, with an annual increase of 154% in crypto transaction volume. The kingdom's activity is predominantly institutional, with 93% of transactions exceeding $10,000.

Turkey leads the region in raw numbers, with a crypto transaction volume approaching $200B annually. However, Saudi Arabia stands out for its exceptional growth rate and velocity of transactions. Egypt faces similar dynamics to Turkey, with local currency instability pushing residents towards dollar-denominated stablecoins as a store of value.

The UAE's regulatory environment has been deliberately designed to attract crypto businesses, driving transaction volume to around $53B annually by 2025. Stablecoins have become the preferred product in the region, accounting for 45-52% of all crypto activity across MENA.