African Nations Move Stablecoins Toward the Financial Mainstream

Africa’s long experience with mobile money could give the continent an unusual advantage as stablecoins move from a niche cryptocurrency product toward a more regulated financial tool.

Regulators in Ghana, Mauritius and Uganda are developing rules for stablecoins and other digital assets. The three countries are also working toward shared standards, joint testing and, eventually, easier movement of licensed firms between their markets.

Stablecoins are digital tokens designed to hold a relatively stable value against an asset, usually a national currency such as the US dollar. Unlike bitcoin, which has no peg and can be highly volatile, they function more like digital cash. Their use is growing in Africa, particularly for cross-border transfers that can be slow, expensive or difficult to access through banks.

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Digitally native wallets on phones are not new here. They have existed since the early 2000s.

The technology is new, but keeping money on a phone and moving it without visiting a bank is already familiar to millions of Africans. GSMA said mobile-money services processed more than $2 trillion worldwide in 2025, while registered accounts reached 2.3 billion. Africa had more than 1.2 billion registered mobile-money accounts and about 347 million active users. The continent accounted for nearly 65% of global mobile-money transaction value, with totals above $1.4 trillion.

“Digitally native wallets on phones are not new here. They have existed since the early 2000s,” said Abdallah Mukalled, a senior policy manager at Ripple. “Africa’s fintech leadership is translating very well into the world of stablecoins.”

Stablecoins can move between compatible blockchain wallets without passing through a mobile-money provider’s own network. Gillian Darko, group vice-president of strategy at Yellow Card, said the largest share of the company’s stablecoin activity comes from cross-border payments, treasury management and transfers between African countries. Yellow Card, which began in Nigeria in 2019 and now operates in more than 20 African countries, offers dollar-pegged stablecoins that customers can use to hedge against currency swings. Darko said demand has expanded from early retail use into business payments.

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Africa’s fintech leadership is translating very well into the world of stablecoins.