Spenda's first down month, after 17 months of growth
Spenda's retail stablecoin volume fell 0.2% to $11.98M in October, ending 17 straight months of growth. Active wallets fell 5.7%, but each one moved 6% more on average.
- 60,405
- Active wallets
- $198
- Volume per wallet
- 5.7%
- Share of tracked volume
down 5.7%, also a first
up from $187 in September
up from 5.3%, as tracked volume fell 6.4%
For the first time since it launched in April 2025, Spenda moved less in a month than the month before. October came in at $11.98M, $23K below September. It ends a run of 17 straight rises, tied with Monica for the longest in our coverage.
Fewer wallets, not smaller ones
Active wallets fell to 60,405 from 64,059, and deposits fell 4.6% to 330,150. Both are firsts too. But the wallets that stayed moved more: $198 each on average, up from $187, so volume held almost flat. New deposit addresses were 17,696, the fewest since June.
Flat against a falling market
Volume across the venues AfriFlux tracks fell 6.4% in October. Spenda's −0.2% means its share rose to 5.7%, from 5.3%. One down month after 17 isn't a trend. The wallet count is the number to watch in November.
Where it moved
Solana rose 11% to $2.42M and Ethereum USDC rose 14%. BSC USDC fell 21%, Tron fell 7% and TON fell 40%. BSC USDT, the largest single line at $3.81M, was flat.
What this is, and is not
Deposit volume into Spenda's verified addresses. It isn't Spenda's revenue, its full book, or any off-chain activity.
Live data → /venues/spenda
Method
Retail stablecoin deposit volume to Spenda's verified deposit addresses on BSC, Tron, Solana, Ethereum, Base, Arbitrum and TON, by calendar month from launch in April 2025. Active wallets are distinct addresses that deposited in the month. Complete months only; excludes withdrawals and transfers between Spenda's own wallets.
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AfriFlux (2026). Spenda's first down month, after 17 months of growth. Published 4 November 2026. https://www.afriflux.xyz/feed/spenda-first-down-month
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz