Stablecoins — cryptocurrencies designed to maintain a fixed value against assets such as the US dollar — are offering African businesses an alternative channel for paying overseas suppliers, yet high costs, security concerns and fragmented blockchain networks continue to stand in the way of broader adoption, industry executives said at Moonshot by TechCabal in Lagos.

Speaking on a panel titled “Where Are Stablecoins Creating Real Value in Africa?”, representatives from Solana Superteam Nigeria, Obiex and Hyperbridge said demand was being driven by practical difficulties in accessing foreign currency and completing international payments.

Chinonso Obiefule, lead at Solana Superteam Nigeria, said some Nigerian businesses were already using stablecoins to pay suppliers in China when dollars were difficult to obtain through conventional channels. China is one of Nigeria's leading sources of imports, and such payments typically require US dollars.

“People want to access dollars, but they cannot do that because, obviously, dollars aren't easily accessible, so the next best option is actually stablecoin,” he said.

The appeal extends beyond access to foreign currency. Stablecoins circulate on blockchains that operate around the clock, which means value can move at hours when banking systems are closed. Businesses trading across time zones also need to move funds outside banking hours, said Odinaka Esiagu, head of customer success and operations at Obiex. A company buying goods from a Chinese supplier might need to complete a payment while its bank was closed, she said, and stablecoins could allow it to transfer funds without waiting until the next banking day.

Esiagu said the technology would improve the flexibility of certain transactions rather than eliminate the need for banks.

The discussion reflected the growing role of dollar-linked digital assets in Nigeria's financial system. The country received about $59 billion in crypto-asset inflows between July 2023 and June 2024, according to the International Monetary Fund (IMF). That figure covers crypto assets broadly rather than stablecoins alone. The fund also estimates that Nigeria has accounted for roughly 60 per cent of stablecoin inflows into sub-Saharan Africa since 2019 — a share that makes it the region's dominant destination for such flows.

Costs and Confidence

For businesses, a new payment channel must offer more than availability. Obiefule said developers needed to make international transfers cheaper, safer and easier to use.

“It should be cheaper to send money to somebody abroad or to get money from somebody abroad,” he said.

Low blockchain transaction fees were an important consideration for companies choosing which networks to use, he added. Lower costs could make stablecoin payments commercially viable for more businesses.

Trust remained another constraint. Esiagu said reports of cryptocurrency platforms being hacked continued to deter potential customers. “Some people are still scared,” she said.

Obiex is developing a service to help businesses build stablecoin-based products by providing technical and compliance-related support, she added. The aim is to allow companies to focus on their customers without having to develop all the underlying capabilities themselves.

Connecting Separate Networks

Seun Lanlege, chief executive of Hyperbridge, said fragmentation across blockchains created a further challenge: funds available on one network were not necessarily readily accessible on another. That limits users' ability to draw on liquidity across platforms, complicating the promise of seamless transfers. Interoperability has become a central concern for blockchain builders because cross-border payments can involve several networks before funds reach their final destination.

Lanlege said Hyperbridge, which operates at hyperbridge.network, provides infrastructure for moving tokens between networks, while its HyperFX product uses those connections to facilitate transactions across blockchain ecosystems. Such systems need to prioritise security and decentralisation, he argued, warning that reliance on centralised intermediaries could create vulnerabilities.

Regulation also remains central to the market's development. The IMF has called for clearer treatment of stablecoin issuers in Nigeria, alongside stronger oversight and better data on how digital assets interact with the domestic financial system. It has warned that widespread use of dollar-denominated stablecoins could weaken monetary policy transmission and create financial integrity risks. How Nigerian authorities respond to those recommendations will be a key factor to watch as businesses weigh whether stablecoins can move from a workaround to a mainstream payment channel.

This article is based on reporting by TechCabal, published on October 31, 2026. Source: Stablecoins gain ground in African trade but face hurdles to wider use.