The public record of our measurements.
Africa’s stablecoin economy, measured wallet by wallet and published with the method attached. Every figure here is dated, permanent and traceable to an on-chain sweep — not a survey, not a self-reported number, not an estimate. Free to cite with attribution.
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93 notes · 38 milestones · 18 coverage notes · 15 recaps · 20 analyses · 2 Gradient notes
- CoverageEffective 12 October 2026
Hisa joins coverage, and brings a category with it
Hisa went live on 12 October as the first Savings & Investments venue, taking the published count from 25 to 26. It is small — $210,281 on three chains since April — and coverage reads Partial because Solana is not yet ingested.
26venues published as live - CoverageEffective 5 – 11 October 2026
South Africa enters the index, and eight numbers move
Luno and VALR went public on 5 October, Divest on 9 October: 23 live venues become 25, and one country becomes two. Seven further method changes landed in the same week, including a chain we had measured but never published. September moves from $998.38M to $1.03bn and keeps its direction.
8entries in the methodology log, 5 – 11 Oct - CoverageEffective 5 October 2026
We now report total volume, and Obiex is most of it
The headline moves from the retail slice to total measured volume: venue flow, business books, and confirmed settlement into a venue's own sinks. That restates the series upward by roughly ten times. Obiex entered coverage on 28 September and is 73.6% of the current week.
$227.57Mthe week of 21 September, restated - CoverageWeek of Sep 21 – 27, 2026
Jeroid joins the index, and our X account was compromised
Jeroid is live and enters the weekly index from this issue, restating the series upward by about $725,000 a week. Separately, the AfriFlux X account was accessed without authorisation on 22 September and recovered the following morning; anything posted from it during that window should be disregarded.
20live venues in the index - CoverageLive since 17 September 2026
Flutterwave joins AfriFlux as our first business-only venue — outside the index
Flutterwave's stablecoin rail is now tracked live on AfriFlux: $329.36M across Ethereum, Polygon and Base since December 2025, with a Solana payout rail. It is the first venue tagged business-only. Its flow is shown on its own page and is not added to the market index, which measures retail and shared-rail deposit volume.
$329.36MFlutterwave, tracked since December 2025 - CoverageEffective 7 September 2026
Four venues now report total flow instead of the retail band
Onboard, Grey Finance, Accrue and Raenest run business and personal flow on one rail with no on-chain signal separating them. Applying a size band to a book that cannot be separated produces a number that is neither retail nor total, so we now report their total observed flow. The whole series is restated upward — the week of 24 August from $18.96M to $20.51M.
+$1.51Mrestatement to the week of 24 August - CoverageWeek of Aug 31 – Sep 6, 2026
Three settlement rails entered coverage, and none of them is a venue
Paycrest, Textile FX and HyperFX are now measured end to end from contract state. They are infrastructure, not venues — the plumbing other people's apps rent — so their volume is reported separately and never added to market volume. Research Access also opened: free data packages for students, academics and newsrooms.
3settlement rails now in coverage - CoverageWeek of Aug 24 – 30, 2026
Every venue now publishes when its data starts, chain by chain
Coverage is live: 119 venue-chain windows across 19 venues and 13 chains, read from the pipeline rather than maintained by hand. Two venues entered coverage — Monica and Raenest — restating the weekly series upward by 28.8%. Wallet Labels also went live with 684,473 attributed addresses.
119venue-chain coverage windows published - CoverageEffective 24 August 2026
The retail band is now per-venue, and every number moved
The size band that strips business flow out of retail was being applied to every venue, including venues that have no business flow to strip. It is now applied per venue. The week of 10 August restates from the $11.32M we published to $12.83M.
+13.3%restatement, week of 10 August - CoverageEffective 24 August 2026
Accrue, Daya Pro and Grey Finance are live — plus a coverage page
Three venues enter coverage with history backfilled: Accrue to March 2023, Daya Pro, and Grey Finance. Timon now counts PYUSD and BUSD. And there is a coverage page that shows, per venue, how far back our mapping actually reaches.
17venues in coverage
What we commit to on every note we publish.
Attributed, not estimated
Every figure traces to an on-chain sweep of addresses we have verified and labelled, wallet by wallet. Nothing here is extrapolated from a survey, a funding round or a company’s own disclosure.
Stated, or it doesn’t publish
Each note carries a method statement naming what was measured and what was excluded. A note without one fails the build. See the methodology for attribution, clustering and sweeps.
Revised in the open
A published figure is never silently edited. When one changes, the note carries a dated correction and the original stays legible. A visible correction record is an asset, not an embarrassment.
Free to cite with attribution. No embargo, no approval, no email required — in an article, a filing, a deck or a paper. Every note carries a ready-made citation, a BibTeX entry and the attribution line to copy. Machine-readable via RSS.