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
93 notes · 38 milestones · 18 coverage notes · 15 recaps · 20 analyses · 2 Gradient notes
- Milestone14 September – 11 October 2026
The tokenised Dangote IPO closes tomorrow
The on-chain tranche of the Dangote Refinery IPO closes Tuesday 13 October at 17:00 WAT. Subscriptions stand at ₦26.21M from 285 wallets, 13.1% of the 380,952 shares offered. Buying has slowed to a tenth of launch week, and 87% of the tranche is still unsold going into the last day.
13.1%of the on-chain tranche subscribed - 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 - RecapWeek of Oct 5 – 11, 2026
Weekly recap: South Africa arrives, and barely moves the number
Total volume was $209.01M, down 3.7%, with Luno and VALR in the index for the first full week. They add $5.15M between them, because the institutional half of a South African exchange book is set aside rather than published. Deposits set a record at 205,664 while active wallets fell 5.9%.
$209.01Mtotal stablecoin volume, week of Oct 5 – 11 - MilestoneJun 7 – Oct 7, 2026
Textile crossed $20M in cNGN settled — the second $10M took 22 days
Textile has settled $21.33M of cNGN. The first $10M took 100 days; the second took 22 — and it arrived on eight times fewer trades at nine times the average ticket.
$21.33McNGN settled through Textile, lifetime - MilestoneDec 9, 2025 – Oct 5, 2026
Flutterwave crosses $400M in business stablecoin inflows
Flutterwave has taken $405.0M in stablecoin inflows across the venues AfriFlux tracks. The last $100M arrived in 21 days, and 95.6% of it is USDC on Ethereum.
$405.0Mbusiness stablecoin inflows, lifetime - 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 - RecapWeek of Sep 28 – Oct 4, 2026
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.
$208.79Mtotal stablecoin volume, week of Sep 28 – Oct 4 - MilestoneJune 2025 – September 2026
Azza moved ₦1.01bn of cNGN in September
Azza took ₦1.01bn of cNGN into customer deposit addresses in September — nearly twice every previous month combined, and the first month its naira rail carried more value than its dollar rail.
₦1.01bncNGN into customer deposit addresses - MilestoneJune – September 2026
HyperFX crossed $5M in settled FX volume
HyperFX settled $4.21M in September, up from $719K in August, and crossed $5M in cumulative settled volume on the final day of the month. Demand came from four chains; almost all of it settled on Base.
$4.21Msettled in September - MilestoneJune – September 2026
Textile settled ₦15.06bn of cNGN in September
Textile settled ₦15.06bn of cNGN in September, 2.5x August and 57% of everything the protocol settled that month. It came on 73% fewer trades than August, each one about nine times larger.
₦15.06bncNGN settled in September
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.
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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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