Spenda crosses $100M in stablecoin deposits

$100.39M

Stablecoin deposits, lifetime

2.49M deposits

~$40

Average deposit

small, frequent conversions

$59.9M

Year 2 (6 months)

vs $40.5M all of year 1

110,355

Active wallets, Q3 '26

of 170,559 lifetime

Spenda is a crypto-to-naira app that lets users convert their stablecoins into naira for everyday use. The $100.39M in customer stablecoin deposits we've attributed to Spenda arrived across 2,491,390 separate deposits, averaging about $40 per deposit. That pattern points to a high volume of small-value transactions moving through an offramp, as users convert USDT and USDC into naira.

The curve is steepening, not flattening. Spenda recorded its first onchain deposit in April 2025. In its first 12 months, it booked $40.5M. In the six months since, it has booked another $59.9M — surpassing its entire first-year volume in half the time. Monthly volume has grown from roughly $150K at launch to around $12M a month through Q3 2026.

Seven chains, with BSC leading the mix. BSC accounts for $34.7M (34.6%) of Spenda's mapped onchain volume, followed by Tron at $25.6M, Ethereum at $16.2M and Solana at $15.8M. Together, these four chains account for the bulk of activity, while Base, TON and Arbitrum make up the remainder. The distribution shows that Spenda's onchain activity spans multiple networks, rather than being concentrated on a single chain.

A two-stablecoin book. USDT makes up 77.6% of deposits and USDC the remaining 22.4%; BUSD and PYUSD are negligible.

And the wallets are sticky — which is what an offramping app needs. 170,559 addresses have deposited at least once; 110,355 of them, nearly two in three, were active in Q3 2026 alone. People aren't trying it once. They're living in it.