Nigeria has been ranked as the world’s largest market for the two largest used dollar-backed stablecoins, Tether (USDT) and USD Coin (USDC), marking the country’s growing crypto users reliance on digital assets tied to the United States dollar.

The 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 such as bitcoin. 

At least 59 per cent of Nigerian cryptocurrency users hold USDT, while 48 per cent own USDC, according to the 2026 Stablecoin Utility Report by BVNK. 

This represented the highest combined ownership level among the countries surveyed.

The report highlights Nigeria’s strong adoption of dollar-denominated digital assets as individuals and businesses increasingly turn to stablecoins to store value, hedge against currency volatility, and facilitate cross-border transactions.

Also, the report ranked Nigeria ahead of major economies such as Australia and India in stablecoin ownership.

Australia placed second with 34 per cent of crypto users holding USDT and 29 per cent owning USDC, while India ranked third with 30 per cent USDT ownership and 27 per cent USDC.

Other countries listed in the ranking include Colombia, where 25 per cent of users hold USDT and 29 per cent hold USDC, and Singapore with 29 per cent USDT and 24 per cent USDC ownership.

In Africa’s most industrialised economy, South Africa, the report indicated that 23 per cent of crypto users hold USDT while 29 per cent own USDC.

Meanwhile, the United States of America recorded 22 per cent USDT ownership and 26 per cent USDC.

In Asia, the Philippines reported 27 per cent USDT ownership and 20 per cent USDC, while Thailand recorded 25 per cent and 21 per cent respectively.

Argentina also posted strong adoption with 25 per cent of users holding USDT and 20 per cent USDC.

Among European economies, France recorded 21 per cent USDT ownership and 14 per cent USDC, while Germany reported 15 per cent and 17 per cent respectively.

In Latin America, Mexico recorded 16 per cent ownership for both USDT and USDC, while Brazil reported 14 per cent USDT and 16 per cent USDC adoption. The United Kingdom posted 16 per cent USDT ownership and 14 per cent USDC.

The report further noted that USDT remains the more widely held stablecoin in several markets, including Nigeria, Australia, India, Singapore, the Philippines, Thailand, Argentina, and France.

However, USDC is widely regarded as a more compliance-oriented stablecoin due to its transparency standards and closer alignment with regulatory frameworks.