Nigeria has been ranked first globally in ownership of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), marking the country’s growing reliance on dollar-related digital assets.
Stablecoins such as USDT and USDC are pegged to the US
dollar, allowing users to store value digitally without exposure to the
volatility of cryptocurrencies like Bitcoin.
According to the 2026 Stablecoin Utility Report by BVNK, a
stablecoin firm, 59 percent of Nigerian crypto users hold USDT, while 48
percent own USDC, the highest combined ownership level among the countries
surveyed.
The report ranked Nigeria ahead of major economies like
Australia and India, highlighting the country’s strong adoption of
dollar-denominated digital assets.
Australia ranked second with 34 percent USDT ownership and
29 percent USDC, while India came third with 30 percent USDT and 27 percent
USDC holdings.
Other countries in the ranking include Colombia with 25
percent USDT and 29 percent USDC, and Singapore with 29 percent USDT and 24
percent USDC.
In South Africa, the report said 23 percent of users hold
USDT while 29 percent hold USDC. The United States (US) recorded 22 percent
USDT ownership and 26 percent USDC.
The report also listed the Philippines with 27 percent USDT
and 20 percent USDC, Thailand with 25 percent and 21 percent, and Argentina
with 25 percent and 20 percent respectively.
Among European economies, France recorded 21 percent USDT
ownership and 14 percent USDC, while Germany reported 15 percent USDT and 17
percent USDC.
In Latin America, Mexico showed 16 percent ownership for
both USDT and USDC, while Brazil recorded 14 percent USDT and 16 percent USDC.
The United Kingdom recorded 16 percent USDT ownership and 14
percent USDC.
The report indicated that USDT ownership exceeds USDC in
several countries, including Nigeria, Australia, India, Singapore, the
Philippines, Thailand, Argentina, and France.
The USDC is widely viewed as a more compliance-focused
stablecoin due to its transparency standards and regulatory alignment.
For example, in South Africa and Colombia, 29 percent of
users hold USDC, compared with 23 percent and 25 percent USDT, respectively.
Similarly, in Germany, USDC ownership stands at 17 percent,
compared with 15 percent for USDT, while in Brazil, the adoption rate is 16
percent and 14 percent, respectively.
The data also highlights how stablecoin usage is being
driven primarily by emerging markets rather than advanced economies.
The report said countries such as Argentina, Nigeria, and
the Philippines are among the largest adopters, where users increasingly turn
to dollar-pegged assets to protect savings and facilitate international
payments.
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