Research
Evidence files for the African stablecoin market.
Investigations, venue profiles, and method notes that explain what the dashboard is seeing. Same product shell, no side navigation, no separate publication island.
Pieces
6
Investigations
3
Profiles
0
Analysis
3
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6 pieces - 3 investigations - 3 analyses
7 min
Over $200M in crypto has flowed into Monica since 2024
The onchain side of one of Nigeria's biggest offramps — $165M in stablecoins, $42M in native coins, measured from the outside. A different measurement from Monica's ₦500bn company figure.
AfriFlux ResearchPublished August 26, 2026
6 min
Azza just crossed $5M in stablecoin deposits
A mid-sized offramp by volume — but Azza settles about 90% of what it takes in across 11 chains, and owns 68% of all the cNGN activity in our coverage.
AfriFlux ResearchPublished August 17, 2026
9 min
Grey Finance On-Chain: Shared Rails, Combined Footprint
Grey told the market $61.4M. We mapped the wallets instead and tested all 39,403 of them — $60.29M across four chains, Personal and Business on one shared rail. On the AfriFlux Gradient the combined footprint enters at #1 among neobanks and #2 across all coverage.
AfriFlux ResearchPublished August 10, 2026
6 min
All-time volume shows who's big. Momentum shows who's winning.
Lifetime volume shows depth — but it only measures the past. We added a second axis to how we rate African stablecoin venues: momentum. It flips the read on who's actually winning the market right now.
AfriFlux ResearchPublished July 30, 2026
10 min
cNGN Beyond Transfer Volume
cNGN has moved ₦163B. We measured how much of it is actually being used — and 98.5% of it turns out to be infrastructure, not adoption.
Mukhtar, AfriFluxPublished July 5, 2026
9 min
Everyone Agrees Nigeria Runs on Stablecoins. Nobody Was Counting.
$484M, measured wallet by wallet — the first ground-truth look at Nigeria's retail stablecoin market.
Mukhtar, AfriFluxPublished July 2, 2026
Publishing standard
Grounded in onchain evidence
Reports marked as in drafting are released with limited data sets and scale to full attribution as mapping matures.
Attribution rule
Verified venue flow only
Research should explain classified activity, not inflate market movement with raw transaction volume.