Founders in U.S. and Europe; stablecoin volume in emerging markets

Stablecoin founders and venture capital remain concentrated in cities such as New York, San Francisco and London, while global stablecoin transaction volume reached $28 trillion in 2025 and heavy flows are recorded in emerging markets including Nigeria, Argentina and wider Latin America. Startups and investors in the West build mainly for institutional and enterprise use. In lower-income corridors, dollar-pegged tokens are used more as everyday money and for cross-border transfers.

Industry tracker Stablescape lists roughly 3,000 stablecoin and crypto-fintech firms. About 1,300 of those firms are based in the United States, while 32% are located across Latin America, sub-Saharan Africa, Southeast Asia and the Middle East.

Country-level metrics show where transaction volumes concentrate. Nigeria has more than 26 million crypto users and IMF researchers reported $59 billion in crypto-asset inflows to Nigeria between July 2023 and June 2024. In Latin America, stablecoin flows equal about 7.7% of regional GDP. In Argentina, stablecoin purchases account for more than half of exchange trades as users seek dollar access amid political and economic volatility. Brazil registered $318.8 billion in crypto inflows through mid-2025, with more than 90% routed via stablecoins. Sub-Saharan Africa received over $205 billion in on-chain value and recorded 52% year-over-year growth.

Founders in emerging markets are building payment corridors that address demand for low-cost, fast dollar transfers and currency hedges. B2B stablecoin payments across Latin America rose from under $100 million per month in early 2023 to more than $6 billion per month by mid-2025, driven mainly by cross-border commercial flows. Regional firms including Yellow Card and Bitso have focused on payments corridors, while companies such as Kulipa and Mural Pay develop payment infrastructure for African and Latin American markets.

Some investors emphasize local relationships. Alex Witt, general partner at Verda Ventures, argues that funds backing founders in Lagos, São Paulo and Manila now will capture the largest stablecoin returns over the next decade. At the same time, major financial institutions have entered tokenized cash products and enterprise settlement, and industry participants include BlackRock, JPMorgan and Fidelity.

Regulatory changes have altered the operating environment. Nigeria’s 2025 Investment and Securities Act brought virtual assets under formal oversight. Regulators in South Africa, Botswana, Mauritius and Namibia have launched licensing regimes and sandboxes. At a Lagos summit, Nigeria’s securities regulator invited compliant digital-asset firms to operate under the country’s evolving rules.

International organizations have flagged benefits and risks. An IMF report noted that stablecoins have become a meaningful cross-border payments channel in Nigeria and warned that rapid adoption can increase financial vulnerabilities. Partnerships between technology firms and blockchain foundations aim to expand access: Opera and the Celo Foundation announced plans to scale low-cost stablecoin payments to a broad user base by 2030, including payment cards and regional app campaigns.

Exit activity and valuations show investor interest in regional infrastructure. OPay is pursuing a multibillion-dollar valuation based on African payments infrastructure. El Dorado, a Latin American stablecoin app, reported rapid user and revenue growth in 2025. Modern Treasury acquired Beam, a cross-border liquidity firm, in a deal valued at $40 million.

Venture capital remains concentrated on institutional products in the U.S. and Europe, while the largest transaction volumes and retail use cases are recorded in emerging markets where local firms supply on-ramps, remittance corridors and merchant payment services.