Stablecoin transaction volume globally exceeded $28 trillion in 2025, surpassing Visa and Mastercard combined, yet founders and venture capital remain concentrated in the U.S. and Europe. Emerging markets like Nigeria and Argentina show the highest demand for stablecoins as a financial lifeline, with Nigeria having over 26 million crypto users and Argentina's stablecoin purchases making up over half of exchange trades. The disconnect between where stablecoin volume occurs and where capital is deployed is stark: 1,300 of 3,000 tracked stablecoin companies are based in the U.S., while emerging markets generate the majority of real-world volume. B2B stablecoin payments in Latin America grew 60x in 30 months, and regulatory frameworks like Nigeria's Investment and Securities Act are fostering growth. Venture capital funds largely miss this trend due to geographic pattern recognition biases and lack of local relationships. The next generation of stablecoin winners will emerge from founders in Lagos, São Paulo, and Manila, building for customers ignored by incumbents. The key insight is that the stablecoin market has split: one side builds infrastructure for Western institutions, the other provides financial access in unstable economies, and the latter holds the greatest demand.

Key facts

• Stablecoin volume hit $28 trillion in 2025, surpassing Visa and Mastercard combined.
• Emerging markets like Nigeria (26M+ users) and Argentina (50%+ exchange trades) lead demand.
• 1300 of 3000 tracked stablecoin firms are in the US; emerging markets generate most volume.
• Latin America B2B stablecoin payments grew 60x in 30 months.
• Local founders in Lagos, São Paulo, and Manila will drive the next stablecoin wave.

KeyAudit data perspective