New York, Thursday, October 3, 2024–Decentralized finance (DeFi), stablecoins, and altcoins are gaining ground in the Middle East and North Africa (MENA), according to Chainalysis’ latest report.
The report can be seen here.
MENA ranked as the world’s seventh-largest crypto market between July 2023 and June 2024, with a total on-chain value of $338.7 billion, making up 7.5% of global crypto transaction volume.
While centralized exchanges (CEXs) remain the dominant source of crypto inflows, DeFi platforms are seeing increased adoption in the region.
The report highlights how DeFi’s lack of intermediaries is especially appealing in underserved areas, offering financial inclusion for the unbanked.
Saudi Arabia and the UAE stand out as key players in DeFi adoption. The UAE, in particular, has seen rapid growth, fueled by regulatory innovation and increased institutional interest. Between July 2023 and June 2024, the UAE received over $30 billion in crypto, making it MENA’s third-largest crypto economy.
The report says stablecoins and altcoins are also gaining popularity across MENA.
Türkiye leads in stablecoin trading, with retail users turning to these assets as a hedge against inflation and currency devaluation. Meanwhile, Saudi Arabia shows strong interest in altcoins, reflecting a higher risk appetite in the market.
As MENA’s crypto market continues to grow, regulatory developments across key markets in 2024 are expected to further shape the region’s DeFi and CEX landscapes, driving broader adoption and financial inclusion.
