Monica crosses $200M in stablecoin deposits
Monica, a crypto-to-naira offramp, has crossed $200M in customer stablecoin deposits — $200.60M across 1.33M deposits and 72,444 wallets, measured onchain. The second $100M took six months; the first took 25.
- $200.60M
- Stablecoin deposits, lifetime
- ~$151
- Average deposit
- 6 months
- $100M → $200M
- 29,390
- Active wallets, Q3 '26
1.33M deposits
largest offramp we track
first $100M took 25 months
vs 14,976 in Q3 '25
Monica is a crypto-to-naira offramp: users send USDT or USDC and receive naira. The $200.60M in customer stablecoin deposits we've attributed to Monica arrived across 1,330,277 separate deposits, averaging about $151 each, from 72,444 wallets. It is the largest offramp we track, at roughly 1.9× the next one, Spenda.
The second $100M came four times faster than the first. Monica's first deposit in our coverage is from March 2024. It took 25 months to reach $100M, on 25 April 2026, and about six more to reach $200M, on 22 October. Monthly volume has risen from about $1.1M at the end of 2024 to a record $19.5M in September 2026. Q3 2026 came in at $54.4M, 3.4× Q3 2025.
Five chains, led by Tron. Tron carries $90.3M (45.0%) of Monica's mapped volume, followed by Ethereum at $59.9M and BSC at $38.9M. Solana ($9.9M) and Base ($1.5M) make up the rest.
A USDT book. USDT is 90.4% of deposits and USDC 9.6%. PYUSD is negligible.
The depositor base doubled in a year. 29,390 wallets deposited in Q3 2026, against 14,976 in Q3 2025.
Monica launched in 2022, before our coverage starts, so these figures cover March 2024 onward only.
Method
Customer stablecoin (USDT/USDC) deposit volume attributed to verified Monica deposit addresses across five chains, from the first deposit in our coverage on 21 March 2024 to 22 October 2026. Deposit-side only — excludes withdrawals, transfers between Monica-controlled wallets, and all off-chain naira activity. Monica predates our coverage (it launched in 2022), so this is a partial-history figure: we make no claim about activity before March 2024.
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AfriFlux (2026). Monica crosses $200M in stablecoin deposits. Published 23 October 2026. https://www.afriflux.xyz/feed/monica-crosses-200m
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz