Scale of Stablecoin Adoption in Nigeria Makes Risks 'More Pronounced', Says IMF

Crypto Insight Summary: ]( English Sign Up * * * * * * $66,076.00 -0.66% $1,802.58 -0.63% $607.54 -2.97% $1.23 -1.08% $0.99981 -0.00% $74.22 0.94% $0.317099 -0.98% $1.027 1.27% $75.82 12.87% $0.087613 -2.86% $0.999652 -0.00% $9.73 -0.52% $0.01395285 2.72% $504.37 -5.22% $0.224913 8.68% $0.177457 -5.60% $54.33 -0.25% $339.10 -1.36% $0.163182 -0.62% $8.29 -1.90% $0.999989 -0.01% $0.999266 -0.01% $1.67 -6.06% $218.86 -4.43% $3.10 6.05% $12.95 28.93% $0.082223 -1.08% $45.25 -1.86% $0.790987 -3.54% $2.39 -2.96% $1.13 0.00% $6.87 -1.25% $0.00000499 -2.43% $0.061892 -1.20% $1.00 0.02% $1.00 0.01% $4,316.65 -0.59% $263.94 -4.12% $1.00 0.00% $0.643028 5.80% $1.14 0.25% $4,327.10 -0.59% $0.060107 -2.28% $0.577738 -1.64% $3.03 11.99% $0.375137 -2.84% $0.666063 3.31% $1.016 -2.00% $1.00 0.02% $75.42 -1.75% $0.0000017 -0.96% $0.1355 -0.11% $0.993852 -0.13% $0.999312 -0.03% $0.057755 0.15% $2.42 -6.08% $0.998818 -0.03% $1.83 0.42% $1.98 -0.42% $0.00000296 -1.28% $7.37 -1.56% $74.77 -0.44% $71.94 0.86% $1.99 -0.43% $0.999606 -0.02% $107.07 0.10% $7.22 -1.97% $1.22 -0.11% $11.12 0.03% $0.999821 -0.01% $1.76 -4.60% $0.03315532 -0.86% $1.11 0.00% $18.49 -1.74% $0.095069 -1.46% $0.03577175 1.00% $0.078543 -0.01% $0.824188 -1.31% $0.086524 -3.39% $2.57 -37.77% $6.84 -0.86% $15.26 -9.34% $0.081038 4.53% $1.038 0.00% $0.00790902 -2.89% $0.675866 -4.53% $0.199713 3.26% $0.794788 -2.36% $0.080845 -1.54% $0.03041209 -1.96% $0.999045 0.01% $5.81 6.96% $0.03377592 -0.97% $0.674233 -4.77% $0.998855 0.03% $0.999612 -0.02% $0.0015574 -4.26% $0.085991 -3.76% $1.17 -0.12% $0.0132644 0.11% $0.999495 0.02% $0.00932312 -3.40% $0.998574 -0.03% $37.78 -4.26% $115.58 0.03% $0.209024 -4.55% $3.74 0.66% $1.40 -0.73% $1.91 -5.32% $0.00523531 -1.41% $0.00714035 -0.59% $1.16 -0.15% $0.190236 -4.17% $0.460665 8.07% $1.76 4.18% $0.00000477 -5.17% $0.863372 31.14% $0.631245 -5.19% $0.956798 -1.04% $1.043 0.02% $0.215258 -29.65% $0.390907 12.43% $0.0000706 -4.63% $0.240992 0.20% $0.053429 -4.10% $0.389311 11.40% $0.191522 -3.74% $0.997908 -0.09% $0.0428333 -2.93% $0.375807 0.81% $139.05 -1.02% $0.01695375 -0.85% $0.03933069 -2.89% $1.20 2.64% $0.34331 -1.41% $0.140454 -6.01% $0.115443 -2.34% $0.468778 -2.18% $106.42 -3.35% $0.02329565 1.32% $70.23 -1.46% $0.00000027 -0.38% $0.243234 -0.65% $0.00000027 -0.74% $0.00268451 -5.36% $0.024427 -5.21% $12.60 -4.10% $0.00002612 -3.77% $0.999848 -0.02% $0.00497835 -5.87% $0.04671439 -1.72% $0.00256089 -3.69% $0.069845 -5.16% $16.19 -2.11% $0.0964 1.49% $0.992131 -0.09% $0.23906 -3.78% $0.03646945 -3.20% $1.39 -1.55% $0.277416 -1.00% $0.107742 -3.21% $0.793241 -0.65% $0.99939 -0.08% $0.226889 -1.87% $0.00000107 -0.41% $0.03817895 -3.24% $12.61 -1.52% $0.04857287 -3.06% $5.38 0.70% $0.983151 -0.02% $63.81 -0.62% $0.01992916 -5.53% $0.073027 1.05% $0.063649 -0.34% $0.999934 0.05% $1.00 0.00% $0.703524 -2.08% $0.999912 0.19% $1.28 -1.26% $2,235.82 -1.49% $1.11 -0.02% $0.998448 -0.04% $1.13 -0.03% $0.00000303 -3.44% $1.002 -1.19% $2.04 0.23% $0.412435 -2.32% $17.73 -3.62% $2.97 -1.81% $0.630619 -1.53% $0.169433 -1.77% $0.140878 -2.88% $1.083 -0.03% $1.78 1.24% $1.00 0.00% $0.066887 -11.73% $0.362194 -2.68% $0.164995 -3.49% $0.161779 -3.78% $0.216529 -1.02% $2.27 -2.09% $10.39 10.13 % $1.087 0.03% $0.993679 -0.22% $0.372017 11.05% $0.00400464 -1.89% $0.998246 0.04% $1.20 -0.40% $0.436763 -5.88% $1.00 0.00% $0.053418 -3.19% $99.51 -0.47% $1.011 0.02% $0.999598 -0.02% $1.16 -0.13% $0.403626 -0.35% $0.090824 -3.87% $0.134468 -4.48% $2.04 -3.84% $1.00 0.00% $0.069119 -2.12% $0.00272122 -2.08% $0.03465675 1.30% $0.128088 -4.36% $0.255715 0.91% $0.127612 -4.17% $0.103604 -1.35% $0.297725 0.34% $1.40 -0.13% $0.057529 -37.10% $1.027 0.56% $0.129851 -1.04% $0.14743 -3.17% $0.01715068 11.84% $0.03268672 -3.24% $0.999414 -0.01% $0.349417 -4.15% $1.002 0.25% $0.072663 -2.60% $0.491656 2.83% $0.999546 -0.04% $82.61 -2.13% $0.525228 45.81% $0.288902 -0.22% $0.998121 -0.08% $1,099.65 0.05% $1.00 0.00% $0.113815 -1.72% [Price data by](https://www.coingecko.com/?utm_source=decrypt-web&utm_medium=partnership&utm_campaign=coin_price_marquee_widget) * * * Reading . Image: Shutterstock/Decrypt Create an account to save your articles. Add Decrypt as your preferred source to see more of our stories on Google. * A new IMF report has highlighted the "striking" scale of stablecoin adoption in Nigeria. * The IMF warned that adoption sharpens risks including "digital dollarization," weakening monetary policy, and illicit finance enabled by transactions that evade traditional monitoring. * Arguing that suppression efforts would likely be only "partly effective," the report urged a pragmatic approach that allows innovation while managing risks. The pace of stablecoin adoption in Nigeria has highlighted the benefits of dollar-pegged crypto assets—and sharpened their risks, according to a new by the International Monetary Fund. IMF researchers noted that stablecoins have “become a meaningful cross-border payments channel,” with the country receiving some $59 billion in crypto-asset inflows between July 2023 and June 2024, and accounting for 60% of stablecoin inflows within sub-Saharan Africa since 2019. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: IMF report raises concerns on stablecoin risks but doesn't directly affect crypto prices.