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 10 August 2026
Spenda is now an AfriFlux customer. Here's what that changes.
Spenda has access to AfriFlux Terminal. 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 - CoverageCoverage Jul 2025 – Jul 2026
Newly mapped: Onboard Global
Onboard Global is now mapped end to end — $10.7M in lifetime retail stablecoin volume from zero in 13 months. Its top ten wallets hold 63% of volume, the least concentrated venue in our coverage.
$10.7Mlifetime retail volume - CoverageCoverage Dec 2024 – Jul 2026
Newly mapped: Evolution
Evolution is now mapped end to end — $1.05M in lifetime retail stablecoin volume across 1,492 wallets and seven chains. Money flows both ways: 84 cents leaves for every dollar that arrives.
$1.05Mlifetime retail volume - CoverageCoverage as of Q2 2026
Newly mapped: Timon
Timon is now mapped end to end — $3.7M in lifetime retail stablecoin volume across 3,677 wallets and five chains. A $60 median deposit sits under a tail where ten wallets hold 82% of the money.
$3.7Mlifetime 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.
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.