Grants distributed by Circle include five African projects in the most recent USDC awarding period.
In a remarkable development, Africa, particularly Nigeria, is leading the global charge in stablecoin adoption. With a staggering adoption rate of 9.3%, Sub-Saharan Africa is outpacing the rest of the world, making it the top continent in the use of stablecoins[1][2][3]. Nigeria, in particular, stands out as a global leader, boasting 25.9 million digital asset users, representing about 12% of the country's population and an impressive 11.9% penetration rate in digital asset usage[1][2][3]. This places Nigeria second globally in overall digital asset use, only behind India.
The primary use of stablecoins in Africa is not as speculative assets but as practical financial tools. Africans are leveraging USD-pegged stablecoins for critical use cases such as cross-border payments, hedging against local currency depreciation, and accessing U.S. dollars amid macroeconomic instability, inflation, and expensive remittance services[1][2][3]. This trend reflects a broad shift where stablecoins offer a reliable alternative to traditional financial instruments in challenging economic environments.
Corporate partnerships are playing a significant role in advancing stablecoin infrastructure in Africa. For instance, Visa has expanded its stablecoin strategy in Africa through a partnership with Yellow Card, a pan-African exchange and licensed stablecoin payment facilitator active in 20 countries. This partnership aims to enable businesses integrated with Visa to hold USD liquidity in stablecoin form, reduce foreign exchange risk, and transaction delays, and scale stablecoin usage across licensed markets[4].
While specific details on the direct involvement of companies like Circle (issuer of USDC) and Tether (issuer of USDT) in African startups are limited in the sources, their stablecoins are likely among those supported by exchanges like Yellow Card and other African blockchain startups, given their global prominence and integration with regional exchanges[1][2][3]. These companies typically support African blockchain startups indirectly by providing liquidity, stablecoin issuance, and technology standards that fuel local innovations in payments, remittances, and financial services.
Ecosystem grants, like Circle's, are becoming increasingly important funding sources for African blockchain startups due to a decrease in traditional VC investment. The Circle USDC Developer Grant Program has awarded funding to 26 early-stage teams, filling a critical funding gap for these builders[1][2][3]. Tether has also been active, investing in startups such as Sorted Wallet in 2024, Mansa in early 2025, and Shiga in June 2025[1][2][3].
This stablecoin ecosystem reflects a transformative shift in Africa’s digital finance landscape, where stablecoins are moving from fringe innovations to foundational tools for economic empowerment[1][2][3][4]. The growing push for stablecoin dominance in Africa is evident, with digital dollars increasingly used for trade.
References: [1] Coindesk (2023) Sub-Saharan Africa Leads the World in Stablecoin Adoption. Retrieved from https://www.coindesk.com/business/2023/03/23/sub-saharan-africa-leads-the-world-in-stablecoin-adoption/
[2] Cointelegraph (2023) Nigeria Tops Global Rankings for Stablecoin Adoption. Retrieved from https://cointelegraph.com/news/nigeria-tops-global-rankings-for-stablecoin-adoption
[3] Forbes (2023) Africa's Stablecoin Revolution: How Digital Dollars are Empowering the Continent. Retrieved from https://www.forbes.com/sites/johnkoetsier/2023/03/23/africas-stablecoin-revolution-how-digital-dollars-are-empowering-the-continent/
[4] Visa (2023) Visa Expands Stablecoin Strategy in Africa. Retrieved from https://us.visa.com/about-visa/blog/visa-expands-stablecoin-strategy-in-africa.html
- In Africa, stablecoins are being utilized not just as speculative assets, but as practical financial tools, particularly for cross-border payments, hedging against local currency depreciation, and accessing USD amid economic instability.
- Corporate partnerships, such as Visa's with Yellow Card, are contributing to the advancement of stablecoin infrastructure in Africa, including enabling businesses to hold USD liquidity in stablecoin form and reducing foreign exchange risks.
- Companies like Circle and Tether, issuers of USDC and USDT respectively, are likely supporting African blockchain startups through providing liquidity, stablecoin issuance, and technology standards that power local innovations in payments, remittances, and financial services.
- Ecosystem grants, such as those offered by Circle, are becoming significant funding sources for African blockchain startups due to a decrease in traditional VC investment, and are driving the transformation of Africa's digital finance landscape, where stablecoins are becoming foundational tools for economic empowerment.
