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
- MilestoneWeek of Sep 7 – 13, 2026
Daya Pro stepped back after three elevated weeks, but not to where it started
Daya Pro did $857,496, down 61.5%, after three weeks between $2.0M and $2.8M. That is still 1.9 times its pre-August average. We called the August level a step change; it looks more like a step that has partly reversed, and we are saying so.
$857,496Daya Pro, week of Sep 7 – 13 - MilestoneWeek of Sep 7 – 13, 2026
Spenda recorded the most deposits any venue has done in a week
Spenda processed 78,257 deposits in the week of 7 September, beating its own record of 77,968 from the week of 10 August. Its volume fell 2.6% in the same week. At $35 a deposit, it is the most retail-shaped book in our coverage and it is still getting wider.
78,257Spenda deposits, week of Sep 7 – 13 - RecapWeek of Sep 7 – 13, 2026
Weekly recap: a down week inside a month running ahead of August
Attributed stablecoin volume was $18.34M, down 16.9% from a record week. The fall was broad — excluding Daya Pro the market still fell 11.9% — but September's first thirteen days are running 11.1% ahead of August's, the record month. Spenda set a deposit record and active wallets held within 59 of their high.
$18.34Mattributed stablecoin volume, week of Sep 7 – 13 - MilestoneAugust 2026
August was the largest month we have measured, on every count
August closed at $83.89M in attributed stablecoin volume, up 22.1% on July, with 683,565 deposits and 112,405 active wallets — records on all three. Volume grew nearly seven times faster than the wallet count, which makes it a month of deeper use rather than wider use.
$83.89MAugust attributed volume - AnalysisWeek of Aug 31 – Sep 6, 2026
cNGN's record transfer volume is four solvers moving inventory
cNGN transfer volume rose 237% to $18.85M, with Base up 606%. Seventy transfers out of 16,535 carry 56.7% of the Base figure: freshly minted cNGN relayed through five or six hops into a yield vault that is HyperFX solver inventory. The week with the most cNGN users on Base this quarter did the least volume.
56.7%of Base cNGN volume is 70 transfers - 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 - MilestoneAugust 2026
Solana passed BNB Chain for neobank volume in August, by less than 1%
Solana carried $4.56M of neobank volume in August against BNB Chain's $4.47M — the first month it has led, on a margin of $93,163. Solana has gone from 6.1% of neobank volume in December to 38.5% in August, and one venue is 94% of the August move.
38.5%Solana's share of neobank volume - 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 - RecapWeek of Aug 31 – Sep 6, 2026
Weekly recap: the biggest week we have measured, closing the biggest month
Attributed stablecoin volume was $22.08M, an all-time high, up 7.7%. It closes August at $83.89M — a record month, up 22.1% on July, with record deposits and record wallets. Thirteen of nineteen venues grew. The series is restated: four venues whose business and personal flow share one rail now report total flow rather than the retail size band.
$22.08Mattributed stablecoin volume, week of Aug 31 – Sep 6 - AnalysisWeek of Aug 17 – 23, 2026
Adding one venue moved the measured market more than any week ever has
Publishing Monica restated the week of 17 August from $15.46M to $19.92M. That single coverage change is larger than every weekly move we have ever reported, which is an uncomfortable thing to be able to say about your own index — and the most useful thing we learned this week.
+28.8%restatement to the week of Aug 17
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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