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.
Every note, newest first
19 notes · 6 milestones · 4 coverage notes · 1 weekly recap · 6 analyses · 2 Gradient notes
- 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 - AnalysisJune 2026
Breet's growth streak ended in June 2026
Breet recorded its first monthly decline after eight straight months of gains in our coverage. Retail volume fell to $3.0M, down from a record $3.4M in May.
$3.0MJune retail volume - AnalysisJune 2026
Spenda's growth streak ended in June 2026
Spenda recorded its first monthly decline after 11 straight months of gains in our coverage. Retail volume fell to $6.4M, down from a record $7.6M in May.
$6.4MJune retail volume - MilestoneCoverage Feb – Jul 2026
Noblocks crosses $1M
Noblocks has crossed $1M in stablecoin retail inflow, now at $1.1M lifetime. The move is recent and steep — one week in June brought in 38% of everything it has ever received.
$1.1Mlifetime retail inflow - AnalysisQ2 2026
Base overtook Ethereum as ZARP's leading chain
Base reached 56.6% of ZARP's tracked on-chain transfers in Q2 2026, up 18 percentage points on the quarter — only the second time Base has led in the last seven complete quarters.
56.6%Base share of ZARP transfers - AnalysisLifetime through June 2026
98.5% of cNGN's volume is infrastructure, not use
cNGN has moved ₦163 billion on-chain. Applying an adapted Visa × Allium method, only 1.5% of it — about ₦2.48B — looks like genuine arms-length economic activity. The rest is infrastructure moving money in circles.
1.5%is organic economic activity - AnalysisQ2 2026
USDC overtook USDT on Azza
USDC reached 54.2% of Azza's stablecoin retail inflow in Q2 2026, up 8.2 percentage points on the quarter — its first quarterly lead since Q4 2025.
54.2%USDC share of retail inflow - AnalysisLifetime, tracked universe · Q2 2026
Nigeria moved $484M in retail stablecoins — measured wallet by wallet
Everyone agrees Nigeria runs on stablecoins. Nobody was measuring it. We attributed $484M in retail flow across 10 venues wallet by wallet — and found the money and the people sitting in different places.
$484Mattributed 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.
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