Ask most people what crypto is used for in Africa, and the answer is usually the same: trading, speculation, maybe
remittances. That picture is increasingly out of date.
Sub-Saharan Africa processed more than $54 billion in stablecoin transactions between July 2023 and June 2024,
accounting for 43 percent of all crypto activity in the region (IT News Africa). Between July 2024 and June 2025, the
region received more than $205 billion in onchain value, a 52 percent year-over-year increase, placing it among the
world’s fastest-growing crypto markets (Ripple). Kenya alone processed roughly $3.3 billion in stablecoin
transactions in the year to June 2024, ranking fifth globally for transactional stablecoin use (RebelFi).
Behind those numbers is a quieter story: African businesses, not individual traders, are the ones driving this shift.
Here is where the money is actually going.
Paying suppliers and settling trade, without waiting days
Cross-border payments into and across Africa have historically meant multi-day settlement times and steep fees
through correspondent banking. Stablecoins are increasingly closing that gap directly. One major African food
producer importing ingredients from Switzerland and the UK could previously secure only about 30 percent of the
dollars it needed through the banking system. Moving to stablecoin transfers let it settle those import payments
instantly instead (Benzinga).
Africa’s cross-border payments market processed about $329 billion in 2025 and could grow to $1 trillion by 2035,
according to venture capital firm Oui Capital.
Running payroll across borders
Hiring across Nigeria, Kenya, Ghana, Senegal and South Africa through traditional banking rails is genuinely
difficult, different currencies, different banking delays, different fees for each corridor. Stablecoin payroll collapses
that complexity into one rail. Sending $50,000 monthly to contractors by bank wire can cost roughly $5,740 a
month in fees; the equivalent stablecoin transfer can cost around $2 per transaction (Yogupay). A growing number
of African companies now run payroll directly on stablecoin rails, using the same infrastructure for liquidity
management (Transak).
Treasury management and idle capital
Businesses holding operational stablecoin balances face a real cost: idle capital earning nothing while it sits
between transactions. A growing set of treasury tools now let businesses hold USD-pegged stablecoins for dollar
preservation, earning yield through transparent DeFi lending protocols, while keeping funds ready for instant
settlement (RebelFi).
Supply chain finance and automated settlement
Smart contract-based escrow is starting to solve a problem that has long slowed African trade: payment disputes
and delayed supplier settlement. A Kenyan logistics company can pay trucking partners in USDT daily as deliveries
complete. A Ghanaian agricultural exporter can receive payment in USDC the moment a shipment is confirmed
(TechEconomy). The African Continental Free Trade Area Secretariat has partnered with the IOTA Foundation on a
stablecoin-based trade settlement initiative, starting in Kenya and Ghana, aiming eventually to cover all 55 AfCFTA
nations and unlock an estimated $70 billion in trade value (CoinDesk).