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 Aug 24 – 30, 2026
We said watch the transfer counts on Celo. They fell, and so did the volume
cNGN on Celo fell 70.1% this week after rising 670% two weeks ago. We published the test in advance — transfer counts continuing to climb — and it failed. The deployment averages six to seven active addresses a day, which means neither the rise nor the fall was ever adoption.
−70.1%cNGN on Celo, week of Aug 24 – 30 - CoverageWeek of Aug 24 – 30, 2026
Every venue now publishes when its data starts, chain by chain
Coverage is live: 119 venue-chain windows across 19 venues and 13 chains, read from the pipeline rather than maintained by hand. Two venues entered coverage — Monica and Raenest — restating the weekly series upward by 28.8%. Wallet Labels also went live with 684,473 attributed addresses.
119venue-chain coverage windows published - MilestoneWeek of Aug 24 – 30, 2026
Daya Pro's spike did not reverse — it is a level, not a week
Last Monday we said Daya Pro's record week might be a single event and told readers to watch for reversion. It fell 28.2% and is still running 4.5 times its nine-week average, on more addresses than before. Two consecutive weeks makes it a level shift rather than a spike.
$2.02MDaya Pro, week of Aug 24 – 30 - MilestoneMarch 2024 – August 2026
Monica enters our coverage as the second-largest venue we track
Monica is live on AfriFlux with $166.12M in attributed stablecoin deposits across 1,074,251 deposits since March 2024. It enters directly behind Quidax and ahead of Busha, and it is larger on its own than every other off-ramp we track combined.
$166.12MMonica lifetime deposits - RecapWeek of Aug 24 – 30, 2026
Weekly recap: last Monday's record was 29% too small
Retail volume was $18.96M, the second-largest week we have measured, down 4.8%. The comparison is the story: the week we published on 24 August as an all-time high of $15.46M now reads $19.92M, because Monica and Raenest entered coverage. Deposits, wallets and average deposit all came off last week's peak.
$18.96Mretail volume, week of Aug 24 – 30 - AnalysisJanuary 2025 – August 2026
Azza crossed $5M in customer deposits, at $77 a time
Azza has taken $5.23M in attributed customer deposits across 68,237 deposits — an average of $77 each. It has no app. The whole thing runs through WhatsApp, which makes it the clearest test we have of whether distribution beats product in African stablecoin off-ramps.
$5.23MAzza lifetime customer deposits - MilestoneEffective 23 August 2026
We found $80M of Busha history we had been missing
Busha's measured deposit history went from $57.4M to $137.3M after we recovered a previous generation of deposit addresses. The money was always there — 84,600 addresses were not being attributed to it.
$137.3MBusha lifetime attributed deposits - CoverageEffective 24 August 2026
The retail band is now per-venue, and every number moved
The size band that strips business flow out of retail was being applied to every venue, including venues that have no business flow to strip. It is now applied per venue. The week of 10 August restates from the $11.32M we published to $12.83M.
+13.3%restatement, week of 10 August - CoverageEffective 24 August 2026
Accrue, Daya Pro and Grey Finance are live — plus a coverage page
Three venues enter coverage with history backfilled: Accrue to March 2023, Daya Pro, and Grey Finance. Timon now counts PYUSD and BUSD. And there is a coverage page that shows, per venue, how far back our mapping actually reaches.
17venues in coverage - RecapWeek of Aug 17 – 23, 2026
Weekly recap: $15.46M, a record almost nobody turned up for
Retail volume hit an all-time high of $15.46M, up 20.5%. Deposits and active wallets both came in below last week. One venue's 41 addresses account for 91% of the rise, and the native layer moved 178% more value across 41% fewer transfers.
$15.46Mretail volume, week of Aug 17 – 23
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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