A new report titled“The Rise of OTC and Stablecoins: Africa's Quiet FX Revolution” sheds light on a transformative shift in how cross-border transactions are conducted across Sub-Saharan Africa. The findings reveal a surge in the adoption of stablecoins and over-the-counter (OTC) cryptocurrency trading, signaling a major evolution in the region's financial landscape.

The report created by TechCabal Insights, in collaboration with Quidax Technologies FZCO, combines proprietary data and interviews with market leaders to illustrate how stablecoins are reshaping settlement and liquidity flows on the continent.

The research shows that stablecoins now represent 43% of all cryptocurrency transactions in Sub-Saharan Africa, marking a significant increase from previous years. Global OTC crypto volumes surged by 106% year-over-year in 2024, with much of this growth driven by Africa-focused stablecoin activity. Nigeria emerged as a global leader, ranking second only to India in crypto transaction volumes, with over $59 billion processed last year. Ethiopia and Zambia also experienced remarkable expansion, each recording more than 100% year-over-year growth in stablecoin inflows, underscoring the momentum of adoption across diverse markets.

Businesses across Africa are increasingly turning to OTC desks ( ) and stablecoins to streamline cross-border payments, manage FX volatility, and access faster, more compliant settlement solutions. Far from being late to the party, the report available here ( ) positions Africa as a pivotal frontier in the global digital finance revolution.

Distributed by APO Group on behalf of Quidax.

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  The Rise of OTC and Stablecoins - Africa's Quiet FX Revolution

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About Quidax:
Quidax is an African-founded cryptocurrency exchange ( ) that makes it easy for anyone to buy, sell, store and transfer cryptocurrencies. Quidax additionally enables OTC trading ( ) and gives fintechs the tools to offer cryptocurrency services to customers through a dedicated crypto API.

Quidax was officially launched in 2018 and has customers in over 70 countries.

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