Your group
This week
Where your venue stands against the peers you benchmark, before anything else.
Now covering South Africa — Luno & VALR
Crypto data and media
Africa’s stablecoin economy, measured and reported.
We track crypto across Africa, focused on stablecoins, wallet by wallet, and publish what we find with the method attached. Read it free on the site and in our newsletter, or work with it in depth in the AfriFlux Terminal.
25 venues4 protocols1 live IPO855,612 walletsdata through Oct 11, 2026published dailyindependently measured
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Inside AfriFlux Terminal
One intelligence system, from market map to commercial move.
Read the market, rank and screen venues, compare peers, trace wallet movement, find counterparties, and keep every thesis under watch. Each workflow runs on the same attributed evidence.
It's live — click any module below to look around.
AfriFlux Terminal
TouringTouring · click to take overToday · Your feed
What matters now, then an end
A short ranked feed: your group, what changed for you and your competitors, a fresh reading on a quiet day. Each post answers in place and opens the analysis behind it.
1 / 8
Sample feed
Competitor benchmark
Today
A benchmarked competitor gained category share this quarter
Driven by returning wallets rather than new arrivals — the evidence and peer history sit behind the post.
Trail
Yesterday
More of your wallets also used a peer this month
See which peers they used, what they moved, and which cohorts are drifting.
Around the market
Q3 '26
Neobanks is the fastest-growing category, +24.2% quarter on quarter
$3.90B measured venue volume across 855,612 active wallets.
You're caught up · the feed ends here
Market and cNGN figures from the latest published edition · feed posts and peers are illustrative
Explore Terminal accessVenue volume · lifetime
$3.90B
▲ 13.80% QoQ
Active wallets · distinct
855,612
▲ 16.60% QoQ
Business flow · lifetime
$10.67B
▲ 39.20% QoQ
Largest category
Exchanges
72.80% of volume
Fastest growing
Neobanks
▲ 24.20% QoQ
Basis: Q3 '26, last complete quarter · 24 live venues · 14 chains · 3 business books · USDT, USDCOpen the full market snapshot
Latest articles
The stories behind the numbers.
Research, explainers, and perspectives on African crypto and payments.
Investigation
Borrowed Rails
AfriFlux attributes $82,261,493 of stablecoin deposits to infrastructure Divest operates on BNB Chain and Ethereum, $36.46M of it this year. On Base, Tron and Polygon the collecting wallets resolve to addresses we attribute to Quidax.
Read the investigation
Explainer
What Are Stablecoins? A Beginner's Guide Built on 10.5 Million Real Transactions
Most stablecoin explainers start with a billion-dollar headline. We started with $41, the average deposit at one Nigerian payout desk, and followed it. Across 10.5 million deposits on 23 African platforms, the data shows what a stablecoin is and why it matters. Most people aren't trading. They're converting digital dollars into naira, during working hours, more and more often from a wallet on their own phone.
Read the explainer
Investigation
We Mapped Luno and VALR. The Deposit Layer Isn't What the Headlines Say.
$877.8M we can call customer deposits sits next to $24.67B we can't — carried by just 400 addresses. The first wallet-level map of Luno and VALR.
Read the investigation
The problem
Every venue knows its own numbers. Nobody knows everyone's.
A fund sees pitch decks. A venue sees its own dashboards. Neither shows how every competitor is moving. AfriFlux measures the market from the outside, wallet by wallet, so investment, expansion, partnership, and product decisions begin with the same independent view.
A fund
Pitch decks
Inside view
A venue
Its own dashboards
Inside view
AfriFlux
The whole market, wallet by wallet
Outside view
Customers
In their words.
As an Africa-focused company, Spenda chose to work with AfriFlux to gain deeper stablecoin market intelligence that will support our growth and expansion across the continent in the coming quarters.
Independence. Some of the companies we work with are venues we measure. Coverage and commercial relationships are kept separate: every venue's volumes, wallets and standing are computed from on-chain data on the same published method, and nothing a venue pays for changes what we publish about it.
In the press
Who has already cited us.
Newsrooms that have used our figures, and the page the numbers came from.
Dangote Refinery tokenised IPO draws ₦9.25M onchain in the first 24 hours, data shows
Buyers now hold 17,618 shares roughly 2.3% of the 761,905 tokens minted so far, according to Afriflux's live dashboard.
Africa’s Biggest IPO Goes Live on Solana as Internet Capital Markets Take Shape
Afriflux data shows that 69 of 103 onchain buyers, or 80%, subscribed through NectarFi on Solana.
Data citedPabloFrom our Dangote Refinery IPO tracker →80% is NectarFi's share of volume, not of buyers
Daya taps Stripe-backed Tempo to move stablecoins for African businesses
Chart: Oluwaseun Adeyanju, Mariblock · Source: Afriflux
Citations, not endorsements. None of these outlets are customers.
AfriFlux Terminal
One workspace for the decisions behind the market.
Monitor the stablecoin market, investigate venues and wallet movement, compare peers, and find distribution or infrastructure opportunities from the same independently measured evidence.
Market overview · Category intelligence · Stablecoin intelligence · cNGN Terminal · Venues · Opportunities · Gradient · Scout · Compare · Trail · Saved monitors · Reports
Other ways to work with AfriFlux
Public
Free, no account
Anyone reading or citing the market.
Full market snapshot, republished daily · Category scoreboards and venue leaders · Coverage register and published methodology · A copyable citation on every published view
Research access
Free, by application
Students, journalists, academics, and public-interest teams who need the data for a story.
A project-scoped extract from our published datasets · Market, stablecoin, venue, chain and corridor series · CSV, JSON, and the method notes behind them · Free during the programme, every request reviewed
Custom research
Scoped per project
Diligence and investigations that need work beyond the Terminal workspace.
Bespoke research on your question · Venue deep dives and due diligence · Reports prepared for your organization · The answer, with the method behind it
Data & API
Metered by usage
Engineering and research teams.
Developer portal and API keys · Programmatic access to the measured series · Bulk exports at your own grain · Coverage requests for the venues you care about
Venue operators
Put your venue on the AfriFlux map.
Own or operate an African stablecoin venue? Book a short call to introduce it to our mapping team. Mapping is free—AfriFlux neither requests nor accepts payment to add a venue to coverage.
Method
Every number opens its own receipt.
Key figures open their source, method and measurement window. Partial quarters are flagged rather than smoothed, missing data is null rather than zero, and revisions are published rather than quietly applied — so the number can survive an investment committee, board meeting, or regulator’s review.
Intelligence Feed
The measurements behind the dashboard.
Every figure we publish, dated and permanent, with the method stated on it. Free to cite with attribution.
Milestone
Textile crossed $20M in cNGN settled — the second $10M took 22 days
Textile has settled $21.33M of cNGN. The first $10M took 100 days; the second took 22 — and it arrived on eight times fewer trades at nine times the average ticket.
$21.33McNGN settled through Textile, lifetime
- Milestone
Flutterwave crosses $400M in business stablecoin inflows
$405.0M - Coverage
We now report total volume, and Obiex is most of it
$227.57M - Recap
Weekly recap: record participation, and a headline that fell anyway
$208.79M - Milestone
Azza moved ₦1.01bn of cNGN in September
₦1.01bn - Milestone
HyperFX crossed $5M in settled FX volume
$4.21M
Attributed, not estimated · RSS
The Sweep
Every article, and the week in one number.
Our articles land in your inbox as we publish them, and every Monday The Sweep sums up the week: attributed volume, what moved, and what we found — with the method attached.
Every new article, plus The Sweep on Mondays. No sales sequence, no sharing your address.
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