Flutterwave joins AfriFlux as our first business-only venue — outside the index
Flutterwave's stablecoin rail is now tracked live on AfriFlux: $329.36M across Ethereum, Polygon and Base since December 2025, with a Solana payout rail. It is the first venue tagged business-only. Its flow is shown on its own page and is not added to the market index, which measures retail and shared-rail deposit volume.
- $329.36M
- Tracked flow
- 96.7%
- From two counterparties
- Partial
- Coverage
- 0
- Added to the index
Dec 2025 to date
in our research, to 14 Sep
from Dec 2025; earlier rails not captured
business-only by design
Flutterwave is now tracked live on AfriFlux — the rails, flows, counterparties and how money moves across them.
It is the first venue in our coverage tagged business-only, and that changes where its number goes.
Why it is not in the index
The AfriFlux index measures deposits by individuals, plus the four venues where business and personal flow share one rail and cannot be separated. Flutterwave is neither. Its visible stablecoin rail is a business settlement system: in our research, two counterparties account for 96.7% of it, and most of the flow routes back toward Circle's redemption infrastructure.
Adding $329.36M of business settlement to a retail index would make the index larger and less true. So Flutterwave has its own page and its own figures, and the market numbers in this newsletter do not include it.
What we have published
We sent our full research piece — Flutterwave's Stablecoin Rail, Measured — to this list as a special edition on 17 September, after Flutterwave told TechCabal that stablecoins are "the rail, not the product." It is on the site with the charts at full size.
The live figure will differ from the research one. The research is a fixed snapshot at 14 September ($302.2M); the venue page keeps counting.
Method
Flutterwave deposit addresses are identified from its master wallet: an address counts only if its stablecoin provably sweeps there. The venue is tagged b2b_only, so the retail classification engine does not run on it and its flow is excluded from every retail and market total. Coverage is Partial: the rails we can observe begin in December 2025, and Flutterwave's stablecoin activity before then ran on infrastructure we cannot reconstruct. The live figure moves daily; the research figure of $302.2M is a snapshot at 14 September 2026.
How attribution works →Cite this
Free to cite with attribution. No embargo, no approval needed.
AfriFlux (2026). Flutterwave joins AfriFlux as our first business-only venue — outside the index. Published 21 September 2026. https://www.afriflux.xyz/feed/flutterwave-business-only-venue
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz