Skip to content
Market

African stablecoin retail market

Read the latest market size, movement and structure in three focused views.

Quarterly · Q3 '24 → Q2 '26·All Africa · tracked universe · USDT · USDC · cUSD · Others·As of 11 Oct 2026 07:26 UTC
MarketsAll markets🇳🇬Nigeria🇿🇦South Africa
Venue volume
$3.90B
↑ 13.80%QoQAll Africa venues
Business flow
$10.67B
↑ 39.15%QoQbusiness books · not in venue volume
Active Wallets
855,612
↑ 16.60%QoQunique wallets
Largest Category
Exchanges
73% share73% of volume
Fastest Growing
Neobanks
↑ 24.00%QoQcategory
Full flow counted at 4 shared-rail venues — Grey Finance $79.20M, Onboard Global $22.48M, Accrue $17.16M, Raenest $6.29M. Business and retail arrive on the same addresses at these venues, so each figure is the venue’s total deposit flow — it can overlap where they settle through each other.
Excludes $10.14B of business flow at 2 venues the size band separates cleanly — Obiex $9.66B, Quidax $481.09M. Their retail half is in the figure above; the business half is measured separately and counted as business flow.
Customer Book · excluded & reviewable

Luno & VALR are South African exchanges that route their own market-making liquidity through the same per-client deposit boxes. We publish customer deposits — boxes under $1M lifetime — and set aside the larger boxes as ambiguous: at that size, we can't reliably distinguish a genuine large customer from exchange-sourced liquidity. These flows are excluded from the Stablecoin Book and B2B figures, but remain visible here for review.

Excluded volume
$24.97B
Addresses
408
Deposits
154,031
Coverage universe

Reflects retail stablecoin activity (USDT · USDC) across venues currently covered by AfriFlux. Coverage expands as new venues, categories, chains and assets are mapped and validated.

Tracked universe, not entire ecosystem.
Infrastructure covered

Four protocols — Blockradar, Textile FX, Paycrest and HyperFX — measured on-chain by AfriFlux, never reported by them. They move money for venues this page already counts, so they are reported beside the market, never inside it.

$1.54B processed⊘ not in venue volume
Business payments covered

One business-only venue — Flutterwave — measured at full volume, with no retail side to remove. Plus the business half of Obiex and Quidax, which runs both books on the same rails and separates cleanly by size. None of it is inside the market total above — though the retail half of a shared rail is.

$10.67B business flow · $121.66M paid out⊘ not in retail volume
IPOs covered

One offering — Dangote Petroleum Refinery IPO — sold on-chain for cNGN and measured trade by trade from its sale contracts. Buying a share is not a stablecoin deposit, so it is reported beside the market, never inside it.

₦26.19M net subscribed · 285 buyers⊘ not in venue volume
Section 01

Category Scoreboard

Retail stablecoin usage by category this quarter. Live categories show real onchain figures; the rest are being mapped.

Exchanges
CEX deposit rails
$444.30M+ $24.97B large flows not counted (lifetime)55,37072.80%+11.50%
Offramps
P2P & payout desks
$125.80M160,15520.60%+19.60%
Neobanks
Crypto-native banking apps
$40.00M38,7086.50%+24.20%
Prediction Markets
Event & outcome trading
$400.00K1,6110.10%-2.30%
Savings & Investments
Investing & dollar savings apps
Mapping soon
Gift Cards
Gift card liquidity & offramps
Mapping soon
Remittance
Cross-border corridors
Mapping soon
Market map

Market Map

Every tracked venue, ranked inside its category, on all-time volume — not the quarter the scoreboard above shows. The strip is each category's share; bars compare venues within a category, and the figure beside each bar is its share of the whole market.

24 venues · all shown
Exchanges 82.9%
Offramps 11.5%
Exchanges$3.23B · 82.9%Offramps$449M · 11.5%Neobanks$218M · 5.6%Prediction Markets$1M · 0.0%
Exchanges$3.23B · 82.9%
Obiex$1.79B45.88%since Sep 2021 (launched Jun 2021)
VALR$549.60M14.09%+ $23.20B large flows not counted
Luno$330.70M8.48%+ $1.77B large flows not counted
Quidax$327.76M8.40%since Jul 2021 (launched Mar 2018)
Busha$146.72M3.76%since Jun 2020 (launched Jan 2019)
Roqqu$60.60M1.55%
Daya Pro$27.21M0.70%
Offramps$448.65M · 11.5%
Monica$193.21M4.95%since Mar 2024 (launched Jan 2022)
Spenda$99.70M2.56%
Divest$83.19M2.13%3 chains on Quidax not counted hereSolana pending not yet capturedsince Jul 2024 (launched Jul 2023)
Breet$33.75M0.87%
Jeroid$30.45M0.78%since Nov 2025 (launched Jan 2023)
Azza$5.63M0.14%
Paj Cash$2.73M0.07%
Neobanks$217.92M · 5.6%
Chipper Cash$84.34M2.16%
Grey Finance$79.20M2.03%
Onboard Global$22.48M0.58%
Accrue$17.16M0.44%
Raenest$6.29M0.16%
Timon$5.75M0.15%
Evolution$1.24M0.03%
SFx$1.20M0.03%
Payrit$258.52K0.01%
Prediction Markets$1.43M · 0.0%
Bayse Markets$1.43M0.04%
Not yet sizedSavings & InvestmentsGift CardsRemittance
Intelligence Feed

The measurements behind the dashboard.

Every figure we publish, dated and permanent, with the method stated on it. Free to cite with attribution.

All notes →
Cumulative cNGN settled through Textile FX from June to October 2026, a gold line rising to $21.33M, with markers where it crossed $10M after 100 days and $20M twenty-two days later.
Milestone

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

Attributed, not estimated · RSS