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By Our Reporter
Nigeria now ranks first globally in ownership of the two largest stablecoins, Tether (USDT) and USD Coin (USDC), an indication of the country’s increasing 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.
The Cable reports referenced the 2026 Stablecoin Utility Report by BVNK, a stablecoin firm, stating that 59 percent of Nigerian crypto users hold USDT, while 48 percent own USDC, the highest combined ownership level among the countries surveyed.
Yhe report ranked Nigeria ahead of major economies like Australia and India, underscoring the Nigeria’s stellar adoption of dollar-denominated digital assets.
In the classification, 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.
Others 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.
Similarly, the Philippines recorded 27 percent USDT and 20 percent USDC, Thailand with 25 percent and 21 percent, and Argentina with 25 percent and 20 percent respectively.
European economies including France recorded 21 percent USDT ownership and 14 percent USDC, while Germany reported 15 percent USDT and 17 percent USDC.
Among the Latin America, Mexico indicated 16 percent ownership for both USDT and USDC, while Brazil recorded 14 percent USDT and 16 percent USDC.
The United Kingdom also 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.
From the report, 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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