Weekly recap: record participation, and a headline that fell anyway
Total stablecoin volume was $208.79M, down 8.3%. Deposits and active wallets both hit all-time highs, and the venue book grew 4.7% — the fall is one business corridor. September closed at $998.38M, the fourth straight month of slowing growth. From this issue we report total volume, not the retail slice.
- 184,415
- Deposits
- 58,136
- Active wallets
- −8.3%
- Total volume
- $998.38M
- September
an all-time high
an all-time high
one corridor, not the market
up 6.0%, growth slowing
Total attributed stablecoin volume across the 22 live venues we publish was $208,793,834 in the week of 28 September to 4 October — down 8.3%.
Both of the numbers that count people went the other way.
Records on participation
184,415 deposits, past the 182,825 of the previous week. 58,136 active wallets, past 55,793. Both are the highest we have recorded.
The venue book grew 4.7%, to $186,181,609. Fifteen of twenty-two venues grew.
So why did the headline fall?
| This week | Last week | ||
|---|---|---|---|
| Venue flow | $186,181,609 | $177,743,705 | +4.7% |
| Business books | $20,079,169 | $47,739,904 | −58.0% |
| Own-sink settlement | $2,533,056 | $2,085,841 | +21.4% |
| Total | $208,793,834 | $227,569,449 | −8.3% |
The entire decline is one venue's business book. Flutterwave settled $20.08M against $47.74M — a $27.7M swing, larger than the $18.8M the market fell by.
That is not a collapse. Flutterwave's weekly business settlement has ranged between $13.8M and $47.7M since August, and 96.7% of its rail is two counterparties. One corridor pausing for a week moves it by more than this.
Strip business books out and the market had a good week.
Who moved
Obiex did $153,642,779, up 5.3% — 73.6% of the week's total, which is the single most important thing to hold in mind when reading any market-wide number now.
Quidax $18,456,089 (+5.8%), Monica $4,637,055 (+1.3%), Spenda $3,009,368 (+19.2%) on a record 28,816 active wallets, Grey Finance $1,818,816 (+13.0%).
Falling: Daya Pro −25.2%, Onboard −21.6%, Chipper −13.3%, Bayse −56.3%.
September closed at $998.38M
Up 6.0% on August's $941.77M, and the fourth consecutive month of slower growth: +12.5% → +10.3% → +6.0%.
September is the largest month we have measured, and the deceleration is the more interesting half of that sentence. We published the standing in the Index on 2 October.
What changed in how we count
From this issue the headline is total volume — the whole measured book, not the retail slice. What that includes, and what it restates.
Method
Total attributed stablecoin volume across the 22 venues published as live, for the ISO week of 28 September – 4 October 2026. It is the sum of three measured parts: each venue's total observed flow; the business books at venues whose business activity is published separately; and confirmed settlement into a venue's own sinks, counted only at venues whose business and retail books separate cleanly. Deposit-side only — excludes withdrawals and all off-chain activity. Venues still in mapping or terminal review are excluded. From this issue the headline is total volume rather than the retail slice we reported through week 39, which restates the whole series upward: the week of 21 September, published at $20.59M on the retail basis, is $227.57M here. Obiex also entered coverage on 28 September and is 73.6% of this week's total. Deposits and active wallets count the retail deposit book only, on the same basis as every prior issue, and are directly comparable.
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AfriFlux (2026). Weekly recap: record participation, and a headline that fell anyway. Published 5 October 2026. https://www.afriflux.xyz/feed/weekly-recap-2026-w40
Reproducing a chart? Use this line: Source: AfriFlux — on-chain intelligence for Africa's stablecoin economy. afriflux.xyz