On a humid afternoon in Nigeria’s commercial capital, Lagos, a young trader in electronics pulls out his phone and opens Binance, the world’s largest cryptocurrency trading platform by trading volume. He’s not monitoring the Bitcoin market or chasing the next crypto craze. He’s paying a supplier in the Chinese port city of Guangzhou for 500 smartphones.

Like numerous other traders at the Lagos Computer Village, he has a Binance digital wallet to store, send and receive cryptocurrency pegged to the US dollar (USDT). Within minutes, his payment lands in China. His supplier confirms. The phones will ship tomorrow.

Five years ago, this transaction would have been nearly impossible. The Lagos phone buyer would have had to…