Chainalysis: Stablecoin transactions account for 43% of total cryptocurrency trading in Sub-Saharan Africa

ChainCatcher news, according to Cointelegraph, a recent report by Chainalysis indicates that stablecoin transactions now account for 43% of the total cryptocurrency trading volume in Sub-Saharan Africa, primarily due to the devaluation of local currencies leading to a surge in demand for stablecoins. The significant devaluation of currencies in Nigeria and Ethiopia has driven the widespread use of stablecoins, particularly in Nigeria, where the cryptocurrency trading volume reached approximately $59 billion over the past year, with 85% of transactions being below $1 million.

The report also noted that stablecoins are gradually replacing Bitcoin as the most accepted cryptocurrency asset in South Africa.