CONSUMER PERCEPTIONS AND ADOPTION OF STABLECOINS IN NIGERIA: DRIVERS AND BARRIERS

Abstract

Stablecoin use in emerging economies remains uneven, underscoring the importance of understanding the perceptions that shape adoption. This study explored how stability, security, usefulness, regulatory protection, and social acceptability influence stablecoin adoption in Nigeria. Guided by the Technology Acceptance Model (TAM) and Perceived Risk Theory (PRT), data from 403 users were analysed using structural equation modelling. Findings indicate that stability, security, usefulness, and regulation significantly influence adoption, while social acceptability plays a modest role. Together, these factors explained a large share of adoption behaviour. The study contributes to existing models by combining TAM’s focus on usefulness with PRT’s risk-reduction perspective, providing a more comprehensive view of adoption decisions. Practical lessons point to the importance of clearer regulation, stronger security, and utility-focused innovations. Although limited by its cross-sectional design and reliance on self-reports, the study opens the door for future cross-country and longitudinal research.