【非洲科技·尼日利亚】Beyond the hype: Who actually needs a local stablecoin?

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This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.

Over the past six years, several local stablecoins pegged to African currencies have sprung up with one clear proposition: to put African money on-chain.

South Africa has ZARP and ZARsc. Nigeria has cNGN, while Tanzania has nTZS. ZARP, launched in 2019, had about R74.6 million ($4.6 million) worth of tokens in circulation as of September 21, backed by R92.8 million ($5.7 million) in reserves. cNGN’s supply crossed ₦3.75 billion ($2.82 million) as of September 21, according to figures reported by the issuer. 

The local stablecoin industry has spent much of its time explaining how putting African currencies on a blockchain could make payments faster, cheaper, and more interoperable. The pitch skips the harder question: who actually needs them on-chain badly enough to use them?

Dollar-backed stablecoins already have something that could take years for local stablecoins to replicate: a global market, network effect, deep liquidity, and a reason for people to hold or use them. In emerging markets, including Africa, users hold dollar-backed stablecoins to protect savings, pay suppliers, move money across borders, or access global markets. In many cases, what they want is exposure to dollars, the underlying currency. 

The Bank for International Settlements (BIS) estimated the combined stablecoin market at about $320 billion at the end of May 2026, with about 99.4% of that value tied to the dollar. A local stablecoin does not have an equivalent source of built-in demand.

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来源：TechCabal Africa (https://techcabal.com/)
原文链接：https://techcabal.com/2026/09/21/is-the-use-case-for-local-stablecoins-big-enough/
转载请遵守原发布方版权与引用规定。