{
  "id": 17390257,
  "title": "Stablecoins gain ground in African trade but face hurdles to wider use",
  "url": "https://urgent.news/2026/10/31/stablecoins-gain-ground-in-african-trade-but-face-hurdles-to-wider-use",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-31T11:10:42.000Z",
  "source": {
    "name": "TechCabal",
    "slug": "techcabal",
    "url": "https://techcabal.com/2026/10/31/stablecoins-face-hurdles-to-wider-use/"
  },
  "original_language": "en",
  "account": "Stablecoins are gaining traction in African trade, offering businesses an alternative means of payment to overseas suppliers, but challenges remain in terms of costs, security concerns and fragmented blockchain networks, according to industry leaders. The discussion took place during a panel at TechCabal's Lagos event titled \"Where Are Stablecoins Creating Real Value in Africa?\". Solana Superteam Nigeria, Obiex, and Hyperbridge executives shared their insights on the potential and hurdles of stablecoins in the region.\n\nThe demand for stablecoins is driven by practical difficulties in accessing foreign currencies and completing international payments, according to Chinonso Obiefule, lead at Solana Superteam Nigeria. Some Nigerian businesses have already started using stablecoins to pay suppliers in China when dollars are scarce. Odinaka Esiagu, head of customer success and operations at Obiex, added that stablecoins enable businesses to move funds outside banking hours, as they can transfer funds without waiting for the next banking day.\n\nWhile stablecoins provide flexibility for certain transactions, they are not a complete replacement for banks. Developers must make international transfers cheaper, safer, and easier to use, said Obiefule. Low blockchain transaction fees are crucial for businesses considering stablecoin payments viable. Trust remains a significant concern, as reports of cryptocurrency platform hacks continue to deter potential customers. Obiex is developing a service to help businesses create stablecoin-based products, focusing on technical and compliance support to help companies concentrate on their customers.\n\nFragmentation across blockchains creates another challenge, as funds on one network may not be readily accessible on another, limiting users' ability to utilize liquidity across platforms. Hyperbridge, led by Seun Lanlege, provides infrastructure for moving tokens between networks and uses these connections to facilitate transactions across blockchain ecosystems. Securing networks and avoiding reliance on centralised intermediaries are essential, according to Lanlege, as centralised intermediaries may create vulnerabilities. Regulation is also critical for the market's development, with the IMF calling for clearer treatment of stablecoin issuers in Nigeria and stronger oversight to prevent financial integrity risks.",
  "summary": "Stablecoins are giving African businesses an alternative way to pay overseas suppliers, but costs, security concerns and fragmented blockchain networks remain obstacles to wider use, industry executives told Moonshot by TechCabal in Lagos.",
  "key_points": [
    "Stablecoins gaining traction in African trade for overseas supplier payments.",
    "Challenges include costs, security concerns, and fragmented blockchain networks.",
    "Low fees, trust, and regulation crucial for wider stablecoin adoption in Africa."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}