The usage rates of cryptocurrencies, known as stablecoins, vary greatly from country to country. While the most preferred stablecoin Tether (USDT) maintains its leadership globally, USD Coin (USDC) is gradually increasing its share in many markets.
Nigeria Ranks Globally First in Cryptocurrency
According to a new statistic published, Nigeria stands out with a significant difference in stablecoin ownership. Looking at the announced data, USDT usage in the country is 59 percent and USDC is 48 percent. In Nigeria, the most populous country in Africa, the constant fluctuation of the local currency and high inflation increases the interest in digital dollar-based assets. The use of stablecoins in Nigeria provides a digital alternative for citizens who are finding it difficult to save with traditional currencies due to the current economic conditions.
Strong Demand in Emerging Markets
Outside of Nigeria, USDT ownership in Australia is 34 percent, USDC 29 percent; In India, USDT is at 30 percent and USDC is at 27 percent. In addition, stablecoin ownership is reaching remarkable rates in many developing countries such as Colombia, South Africa, the Philippines, Thailand and Argentina. Especially in Colombia, USDT ownership is 25 percent and USDC is 29 percent; In South Africa, USDT is 23 percent and USDC is 29 percent. Stablecoin use in these countries; It stands out with its cross-border money transfers, savings applications and fast transaction opportunities.
USDC Is Rising in Developed Countries
USDC has been gaining significant momentum in many developed countries recently. For example, in the United States, USDC ownership is determined as 26 percent and USDT 22 percent; In Germany, USDC is at 17 percent and USDT is at 15 percent. In markets such as Brazil and Colombia, the usage rate of USDC has exceeded USDT. This rise is due to its more compliant structure and preference by financial institutions. The demand for regulated stablecoins appears to be increasing, especially in countries with strong financial infrastructure.
The report prepared on this subject included the following evaluation:
“In some countries, USDC ownership has surpassed USDT. This may be linked to the preference of financial institutions and regulated platforms for assets with transparency.”
Stablecoin Penetration in Europe is Relatively Low
When European countries are compared, interest in stablecoins remains low compared to other markets. In France, USDT ownership is 21 percent, USDC 14 percent; In the United Kingdom, USDT is at 16 percent and USDC is at 14 percent. Although the USDC rate in Germany is above USDT, ownership of both coins generally remains below the limits. Strong banking infrastructure and strict supervision in the region are effective in keeping stablecoin usage at a lower level.
However, the trend towards stablecoins is increasing in developing economies and countries with volatile currencies. This situation is directly associated with the stability of local financial systems and the regulatory climate.
While USDT continues to be the most common stablecoin worldwide, the increasing performance of USDC in both developed and developing countries takes global competition to a new point. As the integration of stablecoins into both payment systems and digital asset markets increases, regional preferences between both stablecoins become an important indicator for the markets.
