The Sweep · Week 42 · 12 Oct – 19 Oct
Sent 19 October 2026
$161.39M · total stablecoin volume, week of Oct 12 – 18
Total volume fell 22.9% to $161.39M. Obiex, Flutterwave and Quidax each lost about a quarter in the same week, while deposits slipped only 4.9% to 201,474 — still the fifth-highest week we have recorded.
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$100.39M · stablecoin deposits, lifetime
Spenda, a crypto-to-naira offramp, has crossed $100M in customer stablecoin deposits — $100.39M across 2.49M deposits and 170,559 wallets, measured onchain. Year two has already surpassed all of year one.
12 chains · each doing a different job
Across the Nigerian venues AfriFlux tracks, no single chain runs the stablecoin economy: BSC carries everyday deposits, Tron business settlement, Solana neobank payouts, Base and Celo the naira machinery. In Q3, the jobs moved.
43% · of Q3 Paycrest naira payout value, chained
In Q3 a new onchain FX layer — Textile and HyperFX — began composing with cNGN and Paycrest. 43% of Paycrest's naira payout value followed a USDT→cNGN Textile swap by the same wallet within the hour.
Read the note →26 · venues published as live
Hisa went live on 12 October as the first Savings & Investments venue, taking the published count from 25 to 26. It is small — $210,281 on three chains since April — and coverage reads Partial because Solana is not yet ingested.
Read the note →— The AfriFlux team
Total attributed stablecoin volume across the 26 venues published as live, for the ISO week of 12–18 October 2026: each venue's observed flow, plus business books at venues that publish one separately, plus confirmed settlement into a venue's own sinks at venues whose books separate cleanly. At the two venues tagged customer_capped (Luno, VALR) the published figure is the per-client boxes under $1M lifetime only; boxes above that line are large enough to be a desk or market maker rather than a retail customer, so they are excluded here and disclosed separately — $291,603,146 in this week alone. Deposit-side only, so a fall in volume is a fall in money arriving, not in money held. The prior week restates from the $209,006,086 we published to $209,282,810 (+0.13%) and its deposit count from 205,664 to 211,892 (+3.0%), both ordinary attribution drift; percentage changes here are measured against the restated figures. Venues in mapping or terminal review are excluded.
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