With the way inflation and bank charges are eating into people’s money, some Nigerians are now keeping their savings in stablecoins instead of bank accounts. Unlike Bitcoin, USDT doesn’t rise or fall much, it just mirrors the dollar, so it protects against naira depreciation. But then questions come up, can stablecoins really replace the role of banks? What about safety, regulations, and accessibility when someone needs cash quickly?
Then Nigeria government will have to develop a stable coin to be used in the financial sector to escape from inflation. Remember, no government of any country will ever adore to any crypto based assets that's not developed by them, rather they can integrate and launch a new stablecoin for example call it UNGN, where every Nigerian citizen will have to convert their funds to UNGN when marker goes red.