Grey Finance crossed $300M in virtual-account volume

742,689

Settlements

since January 2025

99.99%

USDC on Solana

one chain, one token

66.1%

Share of the rail

of September virtual-account volume

Grey Finance crossed $300M in cumulative virtual-account settlement in September, reaching $303.1M across 742,689 individual payments since January 2025.

Almost all of it is one chain and one token. 99.99% of the value settled in USDC on Solana — $303.11M of $303.15M. The remainder is $50,000 spread across 50 payments on Ethereum. For a rail this size, that is an unusually clean single-chain commitment, and it is the opposite of the choice Raenest made on the same provider, where settlement is almost entirely on Ethereum.

Grey is also most of this rail. Its September volume was 66.1% of all virtual-account settlement we attribute to Bridge across the venues we track. Raenest was 30.7%. The other three venues on the rail share the remaining 3.2% between them.

The cumulative milestone hides a flat year

Crossing $300M is a lifetime number, and the monthly picture is different.

Grey's peak months were August and September 2025, at $29.66M and $30.29M. September 2026 came in at $19.22M — roughly 37% below that peak, on a similar number of settlements (47,502 against 49,332).

What changed is payment size, not payment count. The average settlement was $644 in August 2025 and $405 in September 2026. The rail is processing about as many payments as it did at peak; each one is smaller.

What the payments look like

September's distribution is bottom-heavy in count and middle-heavy in value. Payments under $50 are 36.9% of the count and 1.7% of the value. Payments between $500 and $5,000 are 16.9% of the count and 56.6% of the value.

Three payments above $50,000 account for 1.8% of the month on their own.

What this figure is, and is not

This is the virtual-account settlement we can attribute to Bridge, the issuing partner behind these accounts. It is a floor, not a ceiling.

A neobank can run virtual accounts through more than one partner, and can settle some of the same product in fiat, through correspondent banks or local rails that leave no onchain record. None of that is in this number, and we make no claim about how much of it exists. What we can say is that the flow attributed to this one rail crossed $300M in September.