Nairobi (CoinChapter.com) – In May 2024, stablecoins experienced a dramatic surge, reaching a market capitalization of $161 billion. This marked their highest level since April 2022. Interestingly, this impressive growth stands in stark contrast to the slow adoption of Central Bank Digital Currencies (CBDCs), such as Nigeria’s e-Naira. Since March 2023, the e-Naira has only processed $7.3 billion in transactions. On the other hand, stablecoins like USDC and USDT have seen significant gains, driven by increased demand and profitability. These disparities raise concerns about the future of CBDCs in the ever-evolving digital currency landscape.
