It doesn't show directly stablecoin adoption correlated to Nigerian or Ethiopian currency fluctuations, but it is interesting to track stablecoin flows by geography.
The most concrete publicly available data is the Chainalysis reports: ttps://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/
You can track earlier reports, and see growth / fluctuations. As I argue in this article, that captures only part of the picture, because the essence of crypto transactions is that they can't be tracked based on location (e.g. if fully onchain with web wallets), and most of the centralized exchange info is not available online.
Is there any concrete data backing the adoption of stablecoins in Africa, particularly during currency devaluation in Nigeria and Ethiopia?
Also check this out: https://ccaf.io/cdmd/
It doesn't show directly stablecoin adoption correlated to Nigerian or Ethiopian currency fluctuations, but it is interesting to track stablecoin flows by geography.
The most concrete publicly available data is the Chainalysis reports: ttps://www.chainalysis.com/blog/subsaharan-africa-crypto-adoption-2024/
You can track earlier reports, and see growth / fluctuations. As I argue in this article, that captures only part of the picture, because the essence of crypto transactions is that they can't be tracked based on location (e.g. if fully onchain with web wallets), and most of the centralized exchange info is not available online.