Sub-Saharan Africa now the third-fastest-growing crypto region, Chainalysis

Sub-Saharan Africa (SSA) is now the third-fastest-growing cryptocurrency market globally, according to new data from blockchain analytics firm Chainalysis.

Between July 2024 and June 2025, the region received more than $205 billion in on-chain value, a 52% jump from the previous year, coming behind Asia-Pacific and Latin America.

Quick facts

• According to the report, the sharpest spike came in March 2025, when SSA’s monthly transaction volume neared $25 billion, an outlier in a month when most other regions saw declines.
• Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.
• Transfer-size analysis shows a larger share of smaller transfers under $10,000 in SSA than the global average, highlighting strong retail use alongside larger institutional flows.
• South Africa ranked second with institutional activity supported by its advanced regulatory framework.
• Ethiopia, Kenya, and Ghana completed the regional top five by transaction volume.

Regional trading patterns

• Bitcoin serves as the primary entry point for African crypto users, representing 89% of crypto purchases in Nigeria and 74% in South Africa.
• These percentages far exceed the 51% Bitcoin share seen in USD-denominated purchases globally, the report said.
• According to Chainalysis, the preference suggests Bitcoin is viewed as both a store of value and default crypto exposure in volatile currency environments.
• Chainalysis notes the analysis only captures centralized exchange activity, excluding informal market transactions, peer-to-peer trading, and over-the-counter transfers that likely represent significant additional volume across the region.

Stablecoin figures

• Chainalysis finds frequent multi-million dollar stablecoin transfers linking Africa, the Middle East and Asia, supporting sectors such as energy and merchant payments.
• Nigeria’s crypto activity is driven by inflation and restricted foreign currency access, with stablecoins serving as dollar substitutes.

Zoom out

• Chainalysis attributes much of Sub-Saharan Africa’s crypto surge to Nigeria, where a sudden naira devaluation in early 2025 pushed many toward digital assets.
• With dollars scarce, many turned to stablecoins as the closest thing to hard currency they could actually access.
• Stablecoins now account for 43% of the region’s total crypto transaction volume, showing how deeply they’ve become woven into everyday financial survival.