Stablecoins are growing up and local fintechs are adapting

Once the rebellious sibling of the payments world, peer-to-peer (P2P) stablecoin (which derives its value from being pegged to — and, theoretically, backed by — the dollar, and not to be confused with memecoins, which are only as valuable as the popularity of the meme it represents) transfers have become the middle child of digital finance.

- Lindsey Schutters

According to the latest Artemis Analytics report, stablecoin-based P2P payments have flatlined since early 2023, locked in at a R320-billion annual run rate. Although the bell isn’t quite yet tolling, it’s a step back from the libertarian heyday when stablecoins promised to wrest power from banks and put it in the hands of WhatsApp groups and online hustlers.