Research
Understand the African stablecoin market.
Original research, clear explainers, and perspectives on what is changing across African crypto and payments.
Pieces
21
Research
16
Explainers
3
Opinion
2
7 min
Investigation
Borrowed Rails
AfriFlux attributes $82,261,493 of stablecoin deposits to infrastructure Divest operates on BNB Chain and Ethereum, $36.46M of it this year. On Base, Tron and Polygon the collecting wallets resolve to addresses we attribute to Quidax.
AfriFlux ResearchPublished October 9, 2026
8 min
Explainer
What Are Stablecoins? A Beginner's Guide Built on 10.5 Million Real Transactions
Most stablecoin explainers start with a billion-dollar headline. We started with $41, the average deposit at one Nigerian payout desk, and followed it. Across 10.5 million deposits on 23 African platforms, the data shows what a stablecoin is and why it matters. Most people aren't trading. They're converting digital dollars into naira, during working hours, more and more often from a wallet on their own phone.
Moshood, AfriFluxPublished October 6, 2026
8 min
Investigation
We Mapped Luno and VALR. The Deposit Layer Isn't What the Headlines Say.
$877.8M we can call customer deposits sits next to $24.67B we can't — carried by just 400 addresses. The first wallet-level map of Luno and VALR.
Mukhtar, AfriFluxPublished October 5, 2026
8 min
Explainer
Explain to me like I’m 5 years old abeg
Stablecoin transfers are recorded publicly, yet Africa's stablecoin economy is still estimated from the outside. This essay explains in plain language how AfriFlux reads that public record, matches addresses to 22 platforms and counts what's moving. As at 28 September 2026, the count for Nigeria alone was $10.3 billion in business flow, $2.8 billion from ordinary people and 673,233 wallets.
AfriFlux ResearchPublished October 1, 2026
7 min
Investigation
The Receipt
Mapping Blockradar’s $1.40B onchain footprint — what a billion dollars through a wallet-as-a-service company looks like when you follow the fingerprints it leaves across ten chains.
AfriFlux ResearchPublished September 30, 2026
8 min
Opinion
You care about stocks. Here's why you should care about tokenized stocks.
After the Dangote Refinery IPO, Africa's largest, only 3.3% of the expanded company is open to the public. A cornerstone investor has already secured part of that. Outside a few large companies, stocks can go days with few trades. That makes it hard to buy in, and harder to sell when you need the money.
AfriFlux ResearchPublished September 29, 2026
9 min
Investigation
Obiex Has Taken $11 Billion in Stablecoin Deposits. Almost All of It Went to One Place.
One Destination — what eight chains and five years of customer deposits reveal about where Obiex's observable stablecoin rail actually ends.
AfriFlux ResearchPublished September 28, 2026
8 min
Opinion
Kenya is teaching Nigeria how to regulate stablecoins the right way
You've watched your naira card get declined on a foreign website. By 2022, it was normal. Bank after bank had blocked naira cards for international payments.
AfriFlux ResearchPublished September 25, 2026
9 min
Investigation
The Flat Line
Roqqu was one of Nigeria's earliest crypto players. Across our coverage, its observable stablecoin funding rail has barely grown for years — even as it shipped futures, tokenized stocks and cards. So how are the newer products being funded?
AfriFlux ResearchPublished September 24, 2026
8 min
Investigation
The $36.3M Pipe
A Solana wallet took in $36.3M from Bridge with no public label, and moved almost all of it to Binance. Here's how we followed the money and reconstructed that the wallet is Busha's — from behaviour, not a label.
Mukhtar, AfriFluxPublished September 22, 2026
8 min
Explainer
IPO Onchain for Newbies
As of 21 September, AfriFlux had tracked 135 wallets buying there. 113 of them were less than two days old when they made their first purchase.
AfriFlux ResearchPublished September 22, 2026
9 min
Investigation
Inside Jeroid's stablecoin rails
$28M in. $405K out. Ten months of Jeroid's onchain infrastructure, across four chains — where the money enters, how it is swept, and whose infrastructure it settles into.
AfriFlux ResearchPublished September 21, 2026
9 min
Investigation
Flutterwave’s Stablecoin Rail, Measured
Flutterwave says stablecoins are the rail, not the product. We went onchain to see what that rail actually looks like — who funds it, who uses it, where the money goes, and what each chain does.
AfriFlux ResearchPublished September 16, 2026
9 min
Investigation
Where does an exchange get its cash?
We reconstructed Quidax's entire on-chain economy — ~$3.86B across nine chains — to answer one question: where does an exchange get the cash it needs to turn stablecoin demand into money, and who supplies it? Part 1 maps the settlement, names the desks by behaviour, and uncovers a shared backbone that several African venues quietly run on. Part 2 will try to name the people behind it.
AfriFlux ResearchPublished September 7, 2026
7 min
Profile
Paycrest: the rail under Africa's stablecoin offramps
Paycrest isn't another offramp — it's the escrow protocol that settles offramps for other people's apps. We scanned every Gateway contract ourselves: $5.9M released on-chain across 53,046 orders in 799 days, and it gives us a direct look at how deep part of Africa's offramp plumbing really goes.
AfriFlux ResearchPublished August 31, 2026
7 min
Investigation
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 27, 2026
6 min
Investigation
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
Investigation
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
Analysis
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
Analysis
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
Analysis
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
Our approach
Research shows its evidence
Investigations, profiles, analysis, and method notes explain the data and its limits.
For every reader
Clear explanations and perspectives
Explainers make complex topics accessible. Opinion pieces clearly label our interpretation of the facts.