Stablecoins in action: How digital currency is improving daily life across Africa

As stablecoins continue to move beyond the world of crypto traders and into the hands of everyday users, their impact across Africa is becoming more tangible, practical, and empowering. Whether it’s enabling a local business owner to restock inventory, a freelancer to receive international payments in minutes, or a family to safeguard savings from inflation, stablecoins are quietly reshaping how money moves across the continent.

“With the highest mobile money penetration in the world, Africa has long embraced innovative financial tools as part of daily life,” notes Larry Cooke at Binance Africa. “The rise of stablecoins is a natural next step, and we are pleased to see how they are offering people in Africa a seamless, secure way to access global financial services using nothing more than a mobile phone.”

Stablecoins are rapidly becoming a key part of everyday financial activity in Sub-Saharan Africa, accounting for 43% of the region’s total cryptocurrency transaction volume in 2024. In the same year, a Chainalysis report revealed that the crypto market in Sub-Saharan Africa grew by 52% to reach $205 billion, driven largely by retail usage – making it the fastest-growing crypto market globally, following Asia-Pacific and Latin America. Adoption is also being accelerated by real-world integrations, such as Binance Pay’s rollout across more than 31,000 merchants in South Africa, enabling consumers to use a range of cryptocurrencies, including stablecoins, for everyday purchases.

n the second installment of its educational stablecoin series, Binance, the leading crypto exchange company, is spotlighting the real-world benefits of stablecoins for everyday people in the continent.

Everyday uses in Africa

Small businesses are scaling faster

In Kenya, informal retailers are increasingly using stablecoins to purchase stock from international suppliers. With platforms like Binance Pay, they avoid expensive currency conversions and long bank delays, making it easier to manage supply chains and keep stores running.

E-commerce, digital and in-store spending

From shopping for groceries to booking flights, users in South Africa are embracing stablecoins for fast, fee-free payments across e-commerce platforms and in-store. Merchants benefit too by receiving stablecoin payments instantly and with full transparency.

Freelancers getting paid without borders

Across Nigeria, thousands of digital workers are opting to be paid in USDT or USDC, receiving funds instantly from global clients. This bypasses traditional banking fees and avoids delays – giving gig workers faster access to their hard-earned income.

Mobile finance for the unbanked

In Uganda, youth in rural areas are accessing stablecoin wallets via mobile apps, enabling them to save and spend digitally even without a bank account. This is helping bridge the gap between informal economies and the digital financial system.

Dollar savings without dollar accounts

With inflation and currency devaluation affecting countries like Ghana, stablecoins pegged to the U.S. dollar are helping individuals protect the value of their savings. Unlike traditional dollar accounts, stablecoin wallets are accessible 24/7 and often require no documentation.

Why is this important?

Traditional financial systems have long excluded millions across Africa due to geographic barriers, lack of documentation, or high fees. Stablecoins are breaking down those barriers, offering them market stability, efficient transactions and for newcomers, stablecoins act as a familiar, fiat-linked gateway into the world of crypto.

Finally, the cost of transferring value is always a key consideration for any payment tool. According to the World Bank, traditional remittance fees average around 6.65% globally, while stablecoin transfer fees can be as low as 0%.

“Africa is ready to move beyond outdated banking infrastructures and actively embrace stablecoins as a foundation for more inclusive, accessible, and efficient financial systems. Financial tools must serve the people who need them most,” adds Cooke. “Stablecoins are doing that across Africa while empowering users, reducing costs, and unlocking new economic opportunities.”

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