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Africans love US stablecoins
The Citizen
|November 01, 2024
EMERGING MARKETS: DOLLARISING WEALTH
The rand may have notched up modest gains against the US dollar since the formation of the government of national unity, but the trend elsewhere in Africa is in the opposite direction. That's why US dollar stablecoins such as Tether (USDT) and USDC are surging in popularity in emerging markets faced with relentless depreciation in their local currencies.
A recent report on stablecoin trends in emerging markets by Castle Island Ventures and Brevan Howard Digital (sponsored by Visa) suggests that the newfound love for stablecoins - which were traditionally used as a way for crypto enthusiasts to switch into a less volatile store of value - is because they're now being used as a way to hedge against local currency weakness.
The reasons are not hard to find.
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