Cabinet
レポート一覧に戻る
Global News
Stablecoin
Fireside Crypto
Remittance Cost Reduction
Expansion of Actual Demand
Emerging Markets
Inflation Hedge
2026年06月18日

Stablecoins Reach the "Practical Use" Stage: A Map of Real Demand Spreading from Nigeria to the World

ステーブルコインは「実用」段階へ——ナイジェリアから世界に広がる実需の地図

[Date] June 18, 2026

[Title] Stablecoins Reach the "Practical Use" Stage: A Map of Real Demand Spreading from Nigeria to the World

[Summary] On June 16, the IMF reported that in Nigeria, the use of USD-pegged stablecoins has "grown from a niche case into an important payment route." The country's crypto inflows reached about USD 59 billion (July 2023–June 2024), accounting for roughly 60% of Sub-Saharan Africa's stablecoin inflows. Starting from Nigeria, this report depicts—through real examples rather than PoCs—how stablecoins are actually used, at what scale and for what purposes, across four domains: Africa, Latin America, Turkey/Southeast Asia, and developed-market corporations.

[Main Body]

The Starting Point: Nigeria—Remittances, Dollar Savings, and Merchant Payments in Production

Per the IMF, adoption in Nigeria is driven by inflation, naira depreciation, and limited official access to dollars. Sending USD 200 to Sub-Saharan Africa costs about 9% on average (vs. ~6% globally), whereas stablecoins settle in minutes for cents. The depth of real demand shows in transaction size: of Nigeria's roughly USD 22 billion in stablecoin transactions, 85% were small transfers under USD 1 million—dominated by ordinary households and micro-businesses. In production, African payments giant Flutterwave runs stablecoin merchant wallets across 30+ countries, and Yellow Card reports 99% of its business runs on stablecoins (USDT 88.5%), with about 70% of users on remittances/savings and 30% on business settlement. In contrast to the failed eNaira CBDC (0.5% adoption), private dollar tokens have taken root in everyday life.

Latin America: Crisis-Era Savings and Billion-Dollar Remittance Corridors

Latin America splits into two use cases. For inflation hedging, Argentina is emblematic: 72% of crypto purchases are stablecoins. In Buenos Aires, 100+ merchants accept payments via Binance Pay and Lemon Cash, and Lemon Cash has 2 million+ users with a Visa debit link that lets people spend USDC at ordinary merchants. For remittances and trade, Mexico leads: Bitso processed USD 6.5 billion across the US–Mexico corridor in 2024 (~10% of it), delivering to local bank accounts within an hour, while Felix Pago processed over USD 1 billion via a USDC-to-SPEI model over WhatsApp. In Brazil, over 90% of inflows move through stablecoins, with USDC connected to the instant-payment network Pix (150 million users). Bitso Business's payment volume grew 81% YoY in H1 2026, and over 60% of its new institutional clients were banks and financial institutions.

Turkey and Southeast Asia: Inflation Refuge and Migrant Remittances

In Turkey, amid lira weakness, lira-denominated crypto trading reached USD 190 billion in 2024 (roughly double the prior year), and USDT/TRY topped Binance's volume charts. With 52% of adults invested in crypto, stablecoins have become an everyday store of value. In Southeast Asia, the Philippines is the prime example, driven not by inflation but by remittance costs: overseas-worker remittances hit a record USD 38.34 billion in 2024 (8.3% of GDP), part of which is migrating to stablecoin corridors.

Developed Markets and Corporations: B2B Payments and Treasury in Live Operation

Real demand is not limited to emerging-market individuals. SpaceX collects Starlink fees in stablecoins in countries with weak financial infrastructure to mitigate FX risk; Scale AI uses them to pay overseas contractors; Deel for payroll; Visa for internal treasury. B2B stablecoin payments expanded from under USD 100 million per month in early 2023 to over USD 6 billion per month by mid-2025. Crucially, scale must be read accurately: 2025 on-chain volume was about USD 10.9 trillion (approaching Visa's USD 14.2 trillion), but most of that is trading and internal shuffling; actual "payment" demand is estimated at about USD 400 billion, roughly 60% of it B2B. Headline totals and real demand must be assessed separately.

[Business Development Insights]

  1. Real demand emerges from the market where the problem is most severe—adoption is determined by the depth of pain, not by technology. Nigeria's 9% remittance cost, Argentina's 211% inflation, Turkey's halved lira—in each, where legacy tools broke down, stablecoins connected directly to real demand without passing through a PoC stage. For new businesses, entering through the customers and regions with the greatest pain is the shortest route to launching real usage while skipping the pilot phase. Conversely, in markets with shallow pain, even technically superior offerings struggle to spread.
  2. Estimate market size by strictly separating "total volume" from "real demand"—do not let flashy figures drive investment decisions. Stablecoins' annual on-chain volume reaches USD 10.9 trillion, but most is trading and internal transfers; true payment demand is only about USD 400 billion. In sizing a new business, the discipline to extract flows tied to actual use—rather than the largest-looking headline metric—prevents over-ambitious plans and later disappointment.
  3. Differentiation lives in the "last-mile off-ramp"—even when the core tech works, friction remains at the landing into local currency. The blockchain transfer itself completes in seconds, yet converting to local fiat and crediting a bank account can still take two days. The room for new entrants concentrates not in the visible core technology but in the unglamorous implementation of local liquidity, bank connectivity, and regulatory compliance. Bitso, Flutterwave, and Yellow Card are strong region by region precisely because they built these gritty off-ramp networks with local specialization.

[Sources]

Disclaimer

This report has been prepared solely for informational purposes regarding crypto assets and related markets, and is not intended to recommend, solicit, or offer the purchase, sale, holding, or any other transaction of any specific crypto asset. It does not constitute investment advice, investment solicitation, or the sale or intermediation of financial products as defined under the Financial Instruments and Exchange Act or any other applicable laws and regulations, nor does it constitute tax, legal, or accounting advice.

The information contained in this report is based on sources believed to be reliable at the time of preparation; however, we make no representation or warranty, express or implied, as to its accuracy, completeness, timeliness, or usefulness. Crypto assets are subject to significant price volatility and may result in the loss of principal or other financial losses. Any investment decision shall be made solely at the user's own discretion and responsibility, and we accept no liability whatsoever for any damages arising out of or in connection with the use of this report.

Blockchain Business Consultation

From idea-stage brainstorming and technical validation (PoC) to implementation and operations, Cabinet provides end-to-end business development consulting. Start with a free consultation today.

← Previous Article

Kaia Becomes Japan's Top JPYC Issuance Chain by Balance: The "LINE Economy" and a Korean Megabank Open an Asian Payments Corridor

Next Article →

From "Holding" to "Operating": How Far Will Japanese Corporate DeFi Treasury Go?

Sign Up for Newsletter

Beyond the content of this report, we will deliver the latest industry information and exclusive reports by email.