Sub-Saharan Africa has emerged as the third-fastest growing region for cryptocurrency adoption, according to a new report from blockchain research firm Chainalysis. Between July 2024 and June 2025, the region received $205 billion in on-chain value, a 52% jump compared to the previous year. This growth puts it behind only Asia-Pacific and Latin America in global adoption.

The report highlights that the region’s adoption is driven by real-world needs such as currency devaluation, limited access to traditional banking, and high inflation. Nigeria led the way, receiving $92.1 billion in crypto value over the 12-month period. Chainalysis pointed to Nigeria’s large population, youthful tech-savvy base, and persistent inflation as reasons for the surge. Stablecoins in particular have become a lifeline for many Nigerians as access to foreign currency remains difficult.

South Africa has taken a different path, with regulators building an advanced legal framework that has encouraged institutional players to expand from exploratory projects into custody and product offerings. The country is now home to one of the region’s strongest institutional crypto markets.

Retail adoption in Sub-Saharan Africa is also rising faster than in most parts of the world. Over 8% of crypto transfers in the region were valued at $10,000 or less, compared to 6% globally. This reflects crypto’s increasing use in everyday transactions, remittances, and savings, particularly through stablecoins pegged to the US dollar.

Chainalysis noted that stablecoins accounted for 43% of all transaction volume, underscoring how inflation and weakening local currencies are accelerating the shift toward digital dollars. Commenting on the findings, StarkWare CEO Eli Ben-Sasson said Africa’s unique challenges, from inflation to energy insecurity, make it a key testing ground for crypto’s mass adoption potential.