The Sweep · Week 40 · 28 Sep – 5 Oct
Sent 5 October 2026
$208.79M · total stablecoin volume, week of Sep 28 – Oct 4
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.
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₦1.01bn · cNGN into customer deposit addresses
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.
$4.21M · settled in September
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.
Read the note →₦15.06bn · cNGN settled 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.
Read the note →$303.1M · virtual-account volume
Grey Finance crossed $300M in cumulative virtual-account volume attributed to Bridge — 742,689 settlements, 99.99% of it USDC on Solana. Monthly volume is still below its 2025 peak.
Read the note →$31.8M · virtual-account volume
Raenest crossed $30M in cumulative virtual-account volume attributed to Bridge, on a record September of $8.92M — and the record came on 12% fewer payments than August.
Read the note →$1.40B · observable Blockradar-attributed flow
We mapped Blockradar's wallet infrastructure from onchain behaviour: $1.40B of observable flow across ten chains, 124 master wallets and 41,074 dedicated addresses. Most of it sits beneath businesses no venue dashboard shows.
$227.57M · the week of 21 September, restated
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.
Read the note →— The AfriFlux team
Total attributed stablecoin volume across the 22 venues published as live, for the ISO week of 28 September – 4 October 2026. It is the sum of three measured parts: each venue's total observed flow; the business books at venues whose business activity is published separately; and confirmed settlement into a venue's own sinks, counted only at venues whose business and retail books separate cleanly. Deposit-side only — excludes withdrawals and all off-chain activity. Venues still in mapping or terminal review are excluded. From this issue the headline is total volume rather than the retail slice we reported through week 39, which restates the whole series upward: the week of 21 September, published at $20.59M on the retail basis, is $227.57M here. Obiex also entered coverage on 28 September and is 73.6% of this week's total. Deposits and active wallets count the retail deposit book only, on the same basis as every prior issue, and are directly comparable.
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