A new Stablecoin Utility Report by YouGov, conducted in partnership with BVNK, Coinbase, and Artemis, surveyed more than 4,650 respondents across 15 countries who either hold or plan to hold cryptocurrencies.
The findings point to particularly strong momentum in Africa’s two largest economies, where optimism about stablecoins is among the highest globally.
In Nigeria and South Africa, adoption levels are already high. Nearly 80% of respondents in both countries reported holding stablecoins, while more than three-quarters said they intend to increase their holdings in the coming year.
Among non-holders, interest in entering the market was roughly twice as strong in low- and middle-income economies as in high-income countries.
Nigeria stood out, with about 95% of Nigerian respondents preferring to receive payments in stablecoins rather than naira, underscoring the growing appeal of dollar-linked digital assets in inflation-prone environments.
“People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable,” said BVNK co-founder Chris Harmse, adding that users are also “asking for greater integration into their existing financial tools.”
Dollar-pegged tokens gain traction despite regulatory concerns
Globally, the market is dominated by US-pegged tokens such as Tether, valued at about $185 billion, and USDC, worth roughly $75 billion. Analysts expect further expansion as regulatory clarity improves in major markets, including through proposed US legislation such as the GENIUS Act.
Yet central banks in emerging economies remain wary. Policymakers fear that widespread use of stablecoins could accelerate capital flight, weaken domestic currencies, and drain bank deposits, potentially undermining monetary policy.
Still, officials acknowledge potential benefits, with South African Reserve Bank governor Lesetja Kganyago noting that remittance fees can reach $30 to send $100 to neighbouring Mozambique, a cost gap stablecoins could help narrow.
Despite strong interest, everyday usage remains limited: nearly 90% of transactions still involve crypto trading, while only about 6% are used to pay for goods and services. This highlights the infrastructure gap that must be bridged before stablecoins become mainstream payment tools.
