Nairobi — Kenyans are increasingly relying on cryptocurrency, particularly Stablecoins, for cross-border payments and remittances as users seek lower transaction costs and faster settlement times, a new report by Bybit shows.
The exchange notes that dollar-pegged tokens such as USDT, USDC, and DAI have become a preferred option for freelancers and families sending money abroad, offering cheaper and quicker transfers than traditional remittance channels.
This trend mirrors a wider shift across Africa, where inflation and currency volatility are pushing everyday users toward digital dollars as a practical financial hedge. Stablecoins are now used across Kenya, Nigeria, Ghana, Ethiopia, and Zimbabwe to preserve value, navigate FX restrictions, and maintain purchasing power.
"With inflation exceeding 30% in Nigeria, repeated currency devaluations in Kenya, and persistent instability in countries like Zimbabwe and Ghana, saving in local currency has become a high-risk strategy for millions of Africans," the report reads in part.
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"As a result, Stablecoins cryptocurrencies pegged to the U.S. dollar are now widely used as an alternative store of value."
Bybit notes that rising inflation across African economies, including Kenya, continues to erode purchasing power, driving more users to Stablecoins as a cushion against volatility.
The report comes against the backdrop of Kenya's Virtual Assets Service Providers Bill, which was gazzeted in October 2025 and seeks to introduce a licensing and regulatory framework for crypto exchanges, custodians, and digital-asset brokers.
The law positions Kenya among the first African countries to move toward formal oversight of the crypto sector, a shift that could further accelerate adoption by offering clarity on taxation, investor protection, and compliance standards.
According to Statista, Kenya's crypto user base has grown sharply rising from 10,400 in 2017 to about 733,300 users in 2025, while Chainalysis data shows that Stablecoins account for roughly 43 percent of all crypto transaction volume in Sub-Saharan Africa.
A recent report by Yellow Card similarly notes that "Stablecoins now drive 43% of Sub-Saharan Africa's crypto transactions," underscoring the region's growing reliance on digital dollars for remittances, savings, and trade.
In Kenya alone, the firm notes that about 10.7% of the population, or roughly 6.1 million people, now own cryptocurrencies, reflecting the country's position as one of Africa's leading digital-asset markets.
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Recent data from the Spurt Group projects that the number of cryptocurrency users in Africa will reach 55.47 million by 2028, with user penetration rising to nearly 4%.
Notably, four African countries, Kenya, Nigeria, South Africa, and Tanzania rank among the world's top 20 nations for crypto adoption, signaling the continent's growing role in the global digital-finance ecosystem.
