NAIROBI (CoinChapter.com) - Stablecoins reached a market cap of $161 billion in May 2024, the highest since April 2022. This compares to slower adoption of central bank digital currencies (CBDCs), such as Nigeria’s e-Naira, which has only processed $7.3 billion in transactions since March 2023. Stablecoins such as USDC and USDT have risen rapidly, posting significant gains as demand and profitability increased. Meanwhile, CBDCs have struggled to gain adoption, raising questions about their future in the digital currency space.