Yellow Card, a licensed stablecoin payment facilitator in Africa, said Nigeria has emerged as a global leader in stablecoin adoption, ranking first worldwide, while securing the second position in overall digital asset usage with 25.9 million users.
This insight comes from the company’s ‘2025 Report on the State of Digital Assets Regulation in Africa,’ which offers the most thorough examination of digital asset regulatory frameworks across the continent.
According to the report, Nigeria leads globally in stablecoin adoption, securing the second position in overall digital asset usage with 25.9 million users and an impressive penetration rate of 11.9 per cent. This pronounced engagement underscores Nigeria’s pivotal role in Africa’s digital asset landscape, largely driven by individuals’ and businesses’ needs to mitigate naira volatility, access USD-denominated value, and facilitate cross-border transactions.
The report highlighted that “Africa boasts over 54 million digital asset users, with Sub-Saharan Africa at the forefront of stablecoin adoption at 9.3 percent. It also outlines how regulatory frameworks are evolving across more than 20 countries, reflecting the continent’s swift transformation in digital finance.”
General counsel of Yellow Card and one of the report’s authors, Craig Stoehr, said, “we are witnessing a significant shift from both regulators and innovators, indicating that digital assets are now foundational rather than fringe.”
The report noted that “key regulatory advancements in Nigeria include the official acknowledgement by the Securities and Exchange Commission (SEC) that digital assets are classified as securities, backed by amendments to the Investments and Securities Act (ISA) 2024. Initiatives like the Accelerated Regulatory Incubation Program (ARIP) are successfully integrating platforms into formal regulatory frameworks. Additionally, the Central Bank of Nigeria (CBN) is adapting to changes by relaxing its previous stance on Virtual Asset Service Providers (VASPs) and providing guidelines for banking relationships with cryptocurrency firms, reflecting a rapidly maturing ecosystem characterised by enhanced clarity and legitimacy.”
The report further emphasized that stablecoins are driving transformative changes for individuals and businesses in Nigeria, saying that “beyond personal savings and remittances, an increasing number of companies are accepting digital assets for payments, enabling faster transactions and expanded access to foreign currency tools, which, in turn, stimulates economic innovation and fosters financial inclusion.”
The report also identified regional trends, including the rise of Central Bank Digital Currencies (CBDCs), increased AML/CFT compliance, and how other African countries like Kenya, Ghana, and South Africa are developing their frameworks.
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