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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55 notes · 18 milestones · 13 coverage notes · 9 recaps · 13 analyses · 2 Gradient notes
- 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 - CoverageEffective 10 August 2026
Spenda is now an AfriFlux customer. Here's what that changes.
Spenda has taken an AfriFlux enterprise workspace. Spenda is also the second-largest venue in our coverage, and we publish its numbers every Monday. This is the disclosure, and the standing policy that goes with it.
21.6%Spenda share of measured volume - CoverageWeek of Aug 3 – 9, 2026
cNGN goes live on Celo, and $440k lands in four days
Convexity's cNGN deployed to Celo, its ninth chain, and is already in our coverage. It moved $440,363 in its first four days — but across 110 transfers averaging $3,732, which is liquidity being placed rather than people transacting.
$440,363cNGN on Celo, first four days - CoverageEffective 10 August 2026
Payrit added to coverage, and prior weeks restated
Payrit enters coverage as our 14th venue with history backfilled to June. A separate attribution revision moved prior weeks upward: the week of 27 July now reads $11.04M against the $10.69M published at the time, most of it a re-attribution on Quidax.
14venues in coverage - CoverageEffective 3 August 2026
Noblocks removed from coverage pending revalidation
We attributed Noblocks users through a relayer key that turned out to belong to shared wallet infrastructure — 63 different apps use it. Noblocks is removed while we revalidate, and the full history has been restated on the remaining 13 venues.
13venues in coverage - CoverageCoverage Mar 2025 – Jul 2026
Newly mapped: SFx
SFx is now mapped end to end — $894K in lifetime retail stablecoin volume across 1,086 wallets. It is the first venue in our coverage where Polygon dominates, carrying 85% of flow.
$894Klifetime retail volume
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.
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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.
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