Yellow Card, Africa’s leading stablecoin infrastructure provider, has released its 2025 Impact Report, revealing a sharp rise in stablecoin usage across sub-Saharan Africa.
Kenya joins Nigeria, South Africa, Ghana, Zambia, Ethiopia, and Uganda as key growth markets, with stablecoins now accounting for 43% of total crypto transaction volume in the region.
Stablecoins Dominate Africa’s Crypto Economy
Nigeria led the continent with nearly $22 billion in stablecoin transactions between July 2023 and June 2024. South Africa saw a 50% month-over-month growth since October 2023, with stablecoins overtaking bitcoin as the most popular cryptocurrency.
The report notes:
“Stablecoins are becoming an indispensable part of finance in emerging markets, driving economic empowerment and fostering greater financial inclusion in both consumer and business segments.”
Business Adoption: From Necessity to Strategy
Stablecoin adoption is accelerating among African businesses, driven by practical needs such as faster cross-border payments, reduced FX costs, and protection against currency volatility. Yellow Card’s platform now sees 99% of its business conducted via stablecoins, with USDT dominating at 88.5% of transaction share.
“Businesses are not adopting stablecoins out of enthusiasm for blockchain, but out of necessity,” the report states. “Currency instability, fragmented banking infrastructure, and multi-country operations make traditional systems unreliable.”
Use cases include supplier payments, treasury management, and payroll. For example, Kenyan wholesalers facing FX shortages have used stablecoins to settle international orders, avoiding delays and penalties.
Kenya’s Unique Advantage
Peter Mwangi, Yellow Card Country Manager for Kenya, emphasised the role of mobile money and youth adoption:
“Kenya’s strong mobile money infrastructure, especially M-PESA, allows for easy stablecoin integration. A tech-savvy youth population is using stablecoins for lower remittance fees and protection against currency volatility.”
The report also highlights Kenya’s agricultural sector, where blockchain-based insurer Ensuro uses USDC to offer crop insurance to smallholder farmers, enabling automated payouts based on weather data.
Global Impact and Regulatory Outlook
Globally, the stablecoin market cap grew from $5 billion in 2020 to $230 billion by May 2025. Transaction value hit $15.6 trillion, surpassing Visa and Mastercard, with 110 million monthly transactions.
Governments across Africa are developing regulatory frameworks focused on AML, CFT, and digital asset taxation. The report urges policymakers to act swiftly:
“Future regulation should balance innovation with safeguards—promoting financial system stability, inclusion, safety, and environmental sustainability.”
