Nigeria’s growing demand for stablecoins has played a significant role in Bitget Wallet reaching 100 million users globally, according to the platform’s chief operating officer.
Alvin Kan, chief operating officer at Bitget Wallet, told Punch Newspapers that Nigerian users are increasingly turning to stablecoins as a hedge against local currency volatility and to facilitate cross-border transactions.
“Nigeria has been a key growth market for us, and we’ve seen consistent stablecoin inflows from Nigerian users seeking financial stability and access to dollar-denominated assets,” Kan said.
Stablecoin adoption in Nigeria
Nigeria has emerged as one of Africa’s largest cryptocurrency markets, driven by a combination of currency devaluation, inflation, and limited access to foreign exchange through traditional banking channels.
The naira has lost significant value against the US dollar in recent years, with the official exchange rate fluctuating between 1,400 and 1,600 naira per dollar in 2024. This has pushed many Nigerians toward stablecoins pegged to the dollar, such as Tether (USDT) and USD Coin (USDC), as a store of value.
According to Chainalysis data from 2023, Nigeria ranked second globally in grassroots cryptocurrency adoption, with peer-to-peer trading volumes exceeding $56 billion between July 2022 and June 2023.
Bitget Wallet’s growth trajectory
Bitget Wallet, formerly known as BitKeep, is a non-custodial multi-chain crypto wallet that supports over 100 blockchains and more than 250,000 tokens.
The platform announced it had crossed the 100 million user milestone in early 2025, marking significant growth from 30 million users in 2023. The company attributed this expansion to increased adoption in emerging markets, particularly across Africa, Southeast Asia, and Latin America.
Kan said the platform has focused on user education and local payment integrations to meet the needs of African users. “We’ve partnered with local payment providers to make it easier for Nigerians to onboard and off-ramp between naira and stablecoins,” he said.
Regulatory environment
Nigeria’s regulatory stance on cryptocurrency has shifted multiple times in recent years. In February 2021, the Central Bank of Nigeria (CBN) directed banks to close accounts linked to cryptocurrency exchanges, effectively banning institutional access to crypto trading.
However, the ban did not extend to individual peer-to-peer transactions, and trading volumes continued to grow through decentralized platforms and wallet services.
In December 2023, the Securities and Exchange Commission (SEC) released guidelines for digital asset offerings, signaling a gradual shift toward regulation rather than prohibition. The framework requires digital asset service providers to register with the commission and comply with know-your-customer (KYC) and anti-money laundering (AML) standards.
Kan said Bitget Wallet is prepared to work with Nigerian regulators. “We are committed to compliance and transparency. As regulations evolve, we will ensure our operations align with local requirements,” he said.
Nigeria is not alone in driving stablecoin adoption across Africa. Kenya, South Africa, and Ghana have also seen growing demand for dollar-pegged digital assets as users seek alternatives to volatile local currencies and expensive remittance channels.
A report by KuCoin in 2024 found that 88% of African crypto users hold stablecoins, the highest rate among all global regions surveyed.
Bitget Wallet’s milestone reflects trends in African fintech, where mobile-first solutions and decentralized financial tools are filling gaps left by traditional banking infrastructure.