Chainalysis finds that the value of stablecoins received through peer-to-peer channels in Sub-Saharan Africa grew more than sixfold, while BTC’s value received dipped by 60%.
According to Chainalysis’ latest Geography of Crypto report on Sub-Saharan Africa, stablecoins are playing an increasingly central role in the region’s crypto market. Between 2022 and 2026, stablecoin value received through peer-to-peer (P2P) channels rose from US$2.3 billion to US$14.6 billion, while Bitcoin value received fell from US$36 billion to US$14.6 billion.
Cross-border transfers show stablecoins’ utility most directly: Stablecoin remittance value more than doubled from US$235 million to US$492 million, while Bitcoin remittance value stayed largely flat. Cross-border stablecoin transfer volumes also rose nearly fivefold, which Chainalysis says suggests stronger growth in actual use, not just transaction value.
South Africa and Nigeria Lead, but on Different Paths
South Africa and Nigeria accounted for more than three-quarters of the region’s crypto activity. South Africa’s crypto economy grew 52% to US$39.3 billion, with cross-border P2P stablecoin and service flows leading its growth.
Nigeria’s economy declined 3% overall; the country saw growth in overall service and centralised exchange (CEX) activity, but it was outweighed by a 45% fall in decentralised exchange (DEX) activity and a 17% drop in cross-border P2P flows.
Smaller markets diverged more sharply. Ghana grew 80% to US$5.1 billion on gains in both CEX and DEX activity, and Senegal surged 215% to US$2.3 billion on strong CEX growth. Ethiopia fell 8% to US$3.7 billion, largely on lower DEX activity.
Diaspora Communities Shape Crypto Remittance Patterns
Chainalysis found that the size and characteristics of diaspora communities help explain where crypto remittances into the region come from. North America and Australia sent more than their population size alone would predict, while Western Europe sent considerably less. Western Europe is home to 64% of Sub-Saharan Africa-born residents across the countries analysed, yet accounted for just 10% of crypto remittances.
Per capita, Canada led the remittance charts with outflows rising from US$586 to US$736 per Sub-Saharan Africa-born resident, while the US rose more modestly to US$143. Western Europe rose from US$14.50 to US$17.90.
The differences may reflect a mix of economic and political conditions in sending countries, the financial circumstances of diaspora communities, and the maturity of local crypto markets. This may help explain why the US and Canada account for such a large share of crypto inflows given their sizeable diaspora populations and well-established crypto markets.
South Africa Is the Region’s Crypto Hub
South Africa has long been a gateway for international investment in Africa with the continent’s largest stock market and a robust banking footprint. To test whether it also serves as a conduit for crypto, Chainalysis compared cross-border crypto payments with South Africa’s foreign direct investment (FDI) relationships. Notable crypto and FDI inflows overlap in Nigeria, Kenya, and the Democratic Republic of the Congo.
The overlap is uneven, however. Botswana and Zambia attracted relatively high levels of South African FDI but see lower crypto flows from South Africa, while Senegal and Cameroon show the opposite pattern. This suggests crypto activity and South African investment are only partially aligned, though the overlap in several key markets points to South Africa’s possible role as a regional hub for crypto-related business and trade.
Nigeria’s Domestic Exchanges Drive Service Growth
Nigerian users sent US$25.2 billion to crypto services during the report period, a 172% increase from four years earlier that outpaced the region. Domestic exchanges drove nearly all of the increase, accounting for US$4.13 billion, or 92%, of the additional inflows. In total, domestic platforms received US$6.22 billion, equal to half of Nigeria’s CEX inflows, up from 27% in 2025 and 7% in 2022.
Chainalysis says Nigeria’s restrictive stance toward international exchanges may help explain the shift. In 2024, authorities temporarily restricted access to several international exchanges amid concerns over naira depreciation and exchange-rate volatility. Although the action was temporary, continued disagreements between regulators and international exchanges have left Nigerians with fewer venues supporting naira trading pairs, opening the door for domestic platforms.
Read the report here.
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