Panda Farm

Zero

2026

USDC

For Nigerians holding dollar-denominated stablecoins, the difficult part has rarely been acquiring them. It is the last step: turning a USDT or USDC balance into naira sitting in a bank account, without a chain of intermediaries taking a cut at every stage.<a href="https://web3.bitget.cloud/en/tools/Authorizev2?source=Officialwebsite" rel="noopener noreferrer nofollow">Bitget Wallet</a>, the self-custodial crypto wallet that passed 100 million users globally in July, has run a direct bank transfer feature in Nigeria since November 2025. Nine months on, the market it launched into has changed. Launch and coverage: direct bank transfers went live 25 November 2025 across Nigeria and Mexico, 45+ Nigerian banks, 35+ Mexican, USDT and USDC on BNB Chain, Ethereum, Solana, Tron and Base. Zero fee at launch. Nigeria was sized at $90bn annual onchain transaction value at that point.Global: 100m+ users by July 2026, up from 80m at the November launch. Payment volume overtook trading volume for the first time. $177bn stablecoin settlement across 80+ rails and 100+ currencies.Cards: 150,000+ issued, 50+ markets. H1 2026 spend is reported as both $31m and $33m depending on which version of the release you read, up 191% on H2 2025. Emerging markets card spend +416%, more than double the global rate. Average cardholder does 10 payments a month at about $28. Pick one card spend figure and footnote it; the discrepancy is in Bitget’s own materials.<h4 id="what-it-does" class="wp-block-heading">What it does</h4>The feature lets a user convert a stablecoin balance held inside the wallet and receive naira in a Nigerian bank account, without first moving funds to a separate exchange.The conventional route runs three steps: send the stablecoin to an exchange, sell it, and withdraw naira to a bank. Each carries a fee, a wait, and a point where something can fail. The direct transfer compresses that into a single action within the app.<h4 id="how-this-kind-of-off-ramp-works" class="wp-block-heading">How this kind of off-ramp works</h4>Bitget Wallet has not published the full mechanics, which is normal for off-ramp infrastructure and true of most competitors. The general shape is not in doubt, because any off-ramp of this type solves the same problem.The process requires a counterparty with sufficient naira reserves to swap for the holder’s assets at a specific price. This partner must then push the local currency through Nigerian settlement systems into the recipient’s bank. The application manages the trade by securing liquidity, setting the conversion rate, and triggering the final movement of funds.Performance depends on liquidity depth, spread tightness against market benchmarks, and settlement consistency during local network congestion.Similar read: <a href="https://technext24.com/sponsored/bitget-wallet-exceeds-100-million-users/" rel="noopener noreferrer nofollow">Bitget Wallet exceeds 100 million users; direct bank transfers in Nigeria now connected</a>Because Bitget Wallet is self-custodial, the balance sits under the user’s own keys until conversion, and the company does not hold customer funds on its own books. While that makes little difference to speed, it makes a considerable difference if a platform fails, which is not a hypothetical in this market.<figure class="wp-block-image size-full"><img width="1280" height="672" src="https://technext24.com/wp-content/uploads/2026/07/image-98.png" alt="Bitget Wallet" class="wp-image-287132"></figure><h4 id="who-the-feature-is-for" class="wp-block-heading">Who the feature is for</h4>Traditional remittance platforms prioritize the liquidity needs of those outside the country looking in. A user in Toronto or London initiates the flow by funding their digital wallet with local fiat, targeting a specific recipient in Lagos. In this model, the transaction originates in a foreign market, and the sender serves as the primary customer.The direct bank transfer begins elsewhere, with a stablecoin balance the user already holds, and in this market that balance has frequently been earned rather than received: freelance income, an invoice paid by a client abroad, revenue from a cross-border contract.The distinction runs through everything else. A sender compares rates before pushing money and wants the cheapest route. A holder already has the asset and wants control over when and how much of it becomes naira. It also explains why self-custody carries more weight here than it would in a remittance product: someone holding a balance for weeks has a different exposure to platform failure than someone whose money is in transit for an afternoon.<h4 id="the-market-it-enters" class="wp-block-heading">The market it enters</h4>Nigeria has become the centre of gravity for stablecoin activity in sub-Saharan Africa. The IMF estimates the country accounts for roughly 60 percent of the region’s inflows, a figure built from third-party blockchain data using USDT and USDC as proxies rather than an official balance of payments measure.Formal remittance data has moved the same way. Inflows through licensed money transfer operators reached $1.29 billion in the first quarter of 2026, up 45 percent year on year. CBN Governor Olayemi Cardoso has said the bank is targeting $1 billion a month by year-end, from a run rate of above $600 million. Total remittances over the same quarter fell to $5.30 billion from $5.72 billion, suggesting that the growth is within the formal channel rather than in the overall pool.Bitget Wallet’s usage data points somewhere specific. Cardholders average around 10 transactions a month at roughly $28 each, and the company reports that card spend in emerging markets grew 416 percent in the first half of 2026, compared with 191 percent globally. Those are spending patterns, not trading patterns.This corridor has seen significant repricing: London-to-Lagos transfer costs fell from an average of 7.8 percent in 2023 to between 2 and 3 percent on modern diaspora applications.The larger point sits in the national figures. When a freelancer in Lagos is paid in USDT by a client in Berlin and converts it to naira inside a wallet, no money transfer operator touches the transaction, and it appears nowhere in the quarterly inflows the CBN reports. The flow is substantial enough that the IMF reached for blockchain data to size it.While most of the category has spent three years competing over who moves a sender’s money most cheaply, Bitget Wallet has been building on the other side of that market since November 2025. On the evidence so far, that was the right side to pick.Also read: <a href="https://technext24.com/news/bitget-panda-farm-token-sale/" rel="noopener noreferrer nofollow">Bitget announces Panda Farm (BBO) token sale on its re-launched launchpad platform</a>

Bitget Wallet’s direct bank transfer, explained

Technext.ng

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