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
- MilestoneLifetime to Sep 2026
Flutterwave has paid out $100M in stablecoins to businesses
Flutterwave's onchain settlement rail has crossed $100M in stablecoin payouts to businesses — $103.2M across 465 recipient addresses, paid in USDC, USDT and RLUSD, almost all on Ethereum. Payouts went near-vertical this year, up 532% quarter-on-quarter.
$103.2Mstablecoin payouts to businesses - Milestone14 – 20 September 2026
The tokenised Dangote Refinery IPO: its first week onchain
Net subscriptions to the tokenised Dangote Petroleum Refinery IPO reached ₦21.34M in the first seven days, from 203 buying wallets across Solana and Base. 81% of buying came through NectarFi. Daily buying peaked on day two and has since tailed off, apart from one ₦5.15M ticket.
₦21.34Mnet subscriptions, first week - 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 - Analysis14 – 20 September 2026
The IPO's new investors came through an app, and they held. The existing wallets traded
112 of the 134 wallets that bought Dangote Refinery shares through NectarFi were less than 48 hours old at their first buy, and they have sold back 0.2% of what they bought. The 69 wallets buying directly on Base were all older, and have sold back 36.6%. Same asset, same week, two different populations doing two different things.
96.1%of NectarFi-bought shares from brand-new wallets - MilestoneWeek of Sep 14 – 20, 2026
Spenda set a deposit record for the third time in six weeks
Spenda processed 81,751 deposits from 28,286 wallets in the week of 14 September — both records for any venue in our coverage. It beat its own previous record, set a week earlier, by 3,157 deposits. The average deposit was $35.
81,751Spenda deposits, week of Sep 14 – 20 - RecapWeek of Sep 14 – 20, 2026
Weekly recap: record wallets, and September level with August
Attributed stablecoin volume was $19.70M, up 9.9% and the fourth-largest week we have measured. Active wallets reached 53,307, an all-time high. Nine of nineteen venues grew. With ten days left, September is running 9.5% ahead of August's first twenty days and on pace to finish level with the record month.
$19.70Mattributed stablecoin volume, week of Sep 14 – 20 - MilestoneLifetime to Sep 15, 2026
Accrue crossed $5M in virtual-account volume — a slow, steady climb
Accrue's virtual-account rail has crossed $5M in cumulative volume — stablecoin virtual accounts settling in USDC on Optimism, built over more than two years of small, steady transfers rather than any single spike.
$5.0Mvirtual-account volume through Accrue - MilestoneLifetime to Sep 15, 2026
Textile FX crossed $10M in African volume — and it's almost all naira
Textile FX has now cleared more than $10M in African stablecoin volume — and in Africa almost all of it is one corridor: USDT ↔ cNGN, dollar against the Nigerian naira. ~99% of the $10.1M, settling mostly on BNB Chain.
$10.1MAfrican stablecoin volume cleared on Textile FX - Milestone1 – 13 September 2026
BNB Chain is back ahead of Solana for neobank volume
Solana passed BNB Chain for neobank volume in August by $93,163. Thirteen days into September, BNB Chain leads again by $181,945. We said the August crossing was fragile and that we would report a reversal in the same place; this is it.
$181,945BNB Chain's neobank lead, 1 – 13 September - AnalysisWeek of Sep 7 – 13, 2026
cNGN users on Base hit a high while its volume fell, for the second week running
cNGN transfer volume on Base fell 28.8% while daily active addresses rose 65% to 962, the highest we have recorded. Last week the two also moved apart, in the other direction. Two opposite weeks make the case better than one: on Base, cNGN volume is not a usage measure, and even the part outside the treasury loop is falling as users rise.
962daily active cNGN addresses on Base
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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