Nigeria is number one on earth for stablecoin adoption, and number two on all crypto adoption, according to The CEO of Yellow Card Financial Inc., Chris Maurice.
Most Nigerians use stablecoins like Tether to transfer their assets or as a store of value against an unstable local currency.
Stablecoins are crypto tokens designed to track the dollar or other traditional currencies one to one.
Yellow Card, which has expanded to 20 African countries, traded more than $3 billion worth of crypto last year, according to Maurice.
Yellow Card missed out on the so-called accelerated regulatory incubation program rolled out by the Nigerian Securities and Exchange Commission to two crypto exchanges last year, but Maurice is hopeful that his firm will receive a permanent operational license this year.
The election of President Trump has led to a boom in Crypto assets.
Maurice said the question now is if the continent can maintain the momentum and keep its lead in the crypto market.
“Over the last two years the regulatory landscape has gotten so much better on the continent. Now this added pressure from Trump, I think, it will just continue to grow,” he said.
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