Nigeria accounts for 60% of Africa's stablecoin companies. This makes it the largest market for stablecoin infrastructure on the continent, according to Stablescape, @VerdaVentures' stablecoin company database. "Nigeria has had significant bouts of inflation, relatively unstable monetary regime. And so it checks the box for having both a large market and a large need for stablecoin infrastructure," says @AlexLWitt "We do think that the market will become more dispersed over time, and we'll see more pan-African businesses emerge." While the UAE holds 68% of stablecoin companies in the Middle East in the same database. "In terms of the Middle East, there's really not many countries that you could operate from and have regulatory certainty." "The United Arab Emirates, in particular Dubai and Abu Dhabi, have really proactively created stablecoin frameworks that attract founders." "Obviously the zero taxes on capital gains and income is favorable as well and attracts a lot of businesses." "But I would say more than anything, it's the regulatory framework and the clarity around it."