Nigeria is ranked #1 in global USDT and USDC ownership. Not the US. Not the UK. Not Singapore.

A recent X thread from Abhinav Kumar lays out some striking numbers: Nigeria leads globally in stablecoin ownership. 59% of Nigerian crypto users hold USDT and 48% hold USDC... higher than the US, UK, or Singapore.

The reason is straightforward. When the local currency loses 20-40% of its value each year, stablecoins become the practical way to protect savings without needing a foreign bank account.

The catch is what comes next. Most of those holders still convert back to naira for every purchase, bill, or supplier payment. There is almost no merchant acceptance, no easy subscription billing, and no seamless on-chain spending options.

The $308 billion in stablecoin circulation worldwide shows real demand for dollar-denominated value storage, yet the infrastructure to actually use it day-to-day lags far behind... especially in the places where the need is greatest.

It’s a clear example of how adoption can outpace utility. The holding part works. The spending part still forces people back into the same broken rails they were trying to escape.

What do you see as the biggest barrier here... regulation, merchant onboarding, or something else?

Link to the thread: https://x.com/singhabhinav/status/2040086178657915079

Thoughts?