The Sweep · Week 44 · 26 Oct – 2 Nov
Sent 2 November 2026
$187.57M · total stablecoin volume, week of Oct 26 – Nov 1
Total volume rose 7.4% to $187.57M, most of it Flutterwave's business book. Deposits fell for a third straight week. October closed at $823.33M, down 18.5%, on the highest monthly deposit count we have recorded.
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−67.8% · cNGN transfer volume, week on week
cNGN's transfer volume fell 67.8% a week after its record, while its transfer count fell 2.7%. The whales left and the small transfers stayed, which is what we said the record was. Celo is the one chain that genuinely broadened.
Read the note →$459M · removed by counting each transfer once
A transfer between two venues we both track was counted twice. Fixing it removes $459M across 21 venues. A second fix takes $1.29bn of VALR's own money out of its deposit figures. Both restate the whole series.
Read the note →— The AfriFlux team
Total attributed stablecoin volume across the 26 venues published as live, for the ISO week of 26 October – 1 November 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 excluded here and disclosed separately — $200,691,938 in this week alone. Deposit-side only. Averages are the retail book over retail deposits, the same basis on both sides. Two method fixes landed on 1 November and restate the whole series: transfers between two tracked venues were being counted twice and now count once, and one address holding VALR's own money is no longer counted as a customer deposit address. Together they move the prior week from the $176,234,440 we published to $174,681,450 (−0.88%) and September from $1.03bn to $1.01bn; all percentage changes here are measured against the restated figures. The full list of what moved is in the coverage note for this week. Venues in mapping or terminal review are excluded.
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