On-chain crypto transaction volume in the Middle East and North Africa has reached approximately $350 billion, more than tripling since 2022, according to the Bitcoin Policy Institute. Saudi Arabia is posting the fastest growth at 154% annually, though activity is heavily concentrated in institutional transfers exceeding $10,000, which account for 93% of volume. Turkey remains the largest market in the region by raw volume, with annual transactions approaching $200 billion, as residents turn to dollar-denominated stablecoins amid lira depreciation. The UAE, driven by its VARA and ADGM regulatory frameworks, is approaching $53 billion in annual transaction volume. Stablecoins now represent between 45% and 52% of all crypto activity in the region, outpacing Bitcoin’s share.
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