Saudi Arabia's on-chain crypto transaction volume is growing 154% a year, the fastest pace in the Middle East and North Africa, as the region's total volume closes in on $350 billion. Turkey still leads in raw volume, and stablecoins now outpace Bitcoin as the region's dominant crypto product.
Saudi Arabia's on-chain crypto transaction volume is growing at a 154% annual rate, the fastest pace in the Middle East and North Africa, according to the Bitcoin Policy Institute. Three years ago the region processed roughly $100 billion in crypto transactions; that figure is now closing in on $350 billion.
The kingdom's expansion is overwhelmingly institutional. Ninety-three percent of its transaction volume comes from transfers exceeding $10,000, rather than from retail trading activity.
Turkey still leads MENA in raw volume
Despite Saudi Arabia's pace, Turkey remains the region's largest crypto market. Its transaction volume is approaching $200 billion annually. A prolonged depreciation of the Turkish lira has pushed residents toward dollar-denominated stablecoins as a practical store of value, and Egypt shows a similar pattern amid its own currency instability.
The UAE trails both. Its volume is approaching $53 billion annually by 2025, driven largely by institutional capital under regulatory frameworks such as Dubai's VARA and Abu Dhabi's ADGM.
Chainalysis data covering July 2023 through June 2024 put MENA's total crypto transaction value at $338.7 billion, a benchmark close to the Bitcoin Policy Institute's forward-looking estimate.
Stablecoins outpace Bitcoin across the region
Stablecoins account for roughly 45% to 52% of all crypto activity across MENA, ahead of Bitcoin's share of regional volume.
Regulation is driving the next wave
Regulatory moves have been a catalyst. The UAE moved early, but Saudi Arabia, Bahrain, and Qatar have each taken steps toward clearer digital-asset frameworks. A January 2026 report from Fuze, a Middle East-focused digital asset infrastructure company, estimated regional crypto transactions could surpass $500 billion annually. The Bitcoin Policy Institute expects overall regional growth to moderate to around 33% year-over-year.
Source: Crypto Briefing
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