Weekly recap: the most deposits we have ever counted, on flat volume
Attributed stablecoin volume was $20.59M, down 0.5%. Deposits hit 168,908 — an all-time high — while active wallets fell, so the average deposit dropped to $122. September is 7.0% ahead of August with three days left. Jeroid enters the index this week.
- 168,908
- Deposits
- $20.59M
- This week
- $122
- Average deposit
- 11 of 20
- Venues that grew
an all-time high
down 0.5%
from $131
Attributed stablecoin volume across the 20 live venues in our index was $20,588,042 in the week of 21 to 27 September — down 0.5%, and the third-largest week we have measured.
The volume is the least interesting number in the issue.
The most deposits we have ever counted
168,908 deposits, past the 165,281 recorded in the week of 17 August.
Active wallets fell to 53,865 from last week's record 55,156. So more transactions came from fewer wallets, and each one was smaller: the average deposit dropped from $131 to $122, and deposits per wallet rose to 3.14, the highest in this quarter.
That combination is the week's finding.
September beats August, with three days to run
| 1–27 Sep | 1–27 Aug | ||
|---|---|---|---|
| Volume | $79,412,093 | $74,246,088 | +7.0% |
| Deposits | 619,217 | 622,071 | −0.5% |
August closed at $86,868,793. September needs $7.46M from its final three days and has been averaging $2.94M a day, so it should finish as the largest month we have measured. We will report the result next Monday rather than call it now.
Who moved
Eleven of twenty venues grew.
The top of the table is a photo finish: Monica $4,575,841 (−1.2%) and Quidax $4,552,443 (+4.1%), $23,398 apart. On present trends Quidax retakes the lead next week.
Daya Pro rose 20.3% to $1,929,574 — its highest since August, still on 54 wallets. Spenda fell 11.3% to $2,519,799 but still recorded 76,906 deposits, 46% of the market's total. Evolution rose 90.9% off a small base.
Falling: Chipper −32.4% to $617,322, Raenest −21.4%, SFX −19.6%.
Native: the volume moved chains again
cNGN transfer volume rose 72.5% to $16,314,052. Almost all of the rise is BNB Chain, up 163% to $11,849,502 — on about 58 daily active addresses, against Base's 748.
That is not adoption, and this week we can say exactly what it is: Textile FX had its largest week, and Textile settles the naira leg of its FX trades in cNGN on BNB Chain. The token's biggest chain by value is its smallest by people, for the third week running.
Infrastructure
Textile FX cleared $4,496,559 in African notional, up 139% and its largest week by a distance. Paycrest settled $241,740, up 9.6%. HyperFX settled $310,345, down 51.8%. None of it is added to market volume.
Method
Attributed stablecoin deposit volume across the 20 live venues in the AfriFlux index for the ISO week of 21–27 September 2026. Deposit-side only — excludes withdrawals, transfers between venue-controlled addresses, and all off-chain activity. Venues whose business and personal flow share one rail (Onboard, Grey Finance, Accrue, Raenest) report total observed flow, not a size band. Venues that are mapped but not yet published, and business-only venues such as Flutterwave, are excluded from the index entirely. Jeroid enters the index this week, which restates the series: the week of 14 September now reads $20,683,641 against the $19,700,006 published on 21 September, of which $724,799 is Jeroid and $258,836 is ordinary attribution drift. Native stablecoin figures are transfer volume only and exclude mints and burns; infrastructure volume is measured separately and never added to the index.
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AfriFlux (2026). Weekly recap: the most deposits we have ever counted, on flat volume. Published 28 September 2026. https://www.afriflux.xyz/feed/weekly-recap-2026-w39
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz