TechFlow news, according to Cointelegraph, Chainalysis' latest report shows that stablecoin trading now accounts for 43% of total cryptocurrency transaction volume in Sub-Saharan Africa, driven by soaring demand due to local currency depreciation.
Currency devaluations in Nigeria and Ethiopia have particularly fueled widespread stablecoin adoption. In Nigeria alone, crypto transaction volume reached approximately $59 billion over the past year.
The report also notes that stablecoins are gradually replacing Bitcoin as the most received crypto asset in South Africa.
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