For years, stablecoins in Africa were seen mainly as a crypto trading tool or a hedge against inflation. But new transaction data from African fintech platforms suggests a very different reality is emerging. In Nigeria, fintech company Grey has processed over $61.4 million in stablecoin transactions within just four months, signalling that digital dollars are already powering real business payments at scale.
At the same time, Konga Group CEO Prince Nnamdi Ekeh has argued that stablecoins may soon become Africa’s next trade infrastructure, a shift that could redefine how money moves across the continent.
Together, these signals point to a structural transformation in African cross-border payments.
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Stablecoins are already powering real transactions
Grey’s latest figures reveal how quickly stablecoin usage is moving beyond speculation into real economic activity.
According to the company, stablecoins now serve as a primary settlement layer for cross-border transactions on its platform, used for business payments and international transfers.
This shift is not just technical; it is behavioural.
Businesses are increasingly choosing stablecoins for the following:
- Cross-border supplier payments
- Treasury management
- Trade settlements
- International receivables
Rather than acting as a fallback option, stablecoins are becoming the default rail for many users.
Founder insight
Idorenyin Obong, CEO and Co-Founder of Grey, explained the shift:
“Stablecoins being our largest payment channel wasn’t something we projected this early,” Idorenyin Obong, CEO and Co-Founder of Grey.
“What we’ve seen on the platform is businesses using stablecoins not as a workaround but as their primary cross-border rail: for treasury management, for supplier payments, and for trade settlements. We built for that use case. The numbers are now confirming that it’s not a niche.”
This statement reinforces a key point: stablecoin adoption in Africa is no longer theoretical; it is operational.
Why stablecoins are gaining traction in Africa
Africa’s cross-border payment systems have long suffered from structural inefficiencies.
Common challenges include:
- High intermediary banking fees
- Slow settlement times (24–72+ hours)
- Limited USD liquidity access
- FX conversion bottlenecks
- Fragmented banking corridors
Stablecoins help reduce these frictions by enabling:
- Near-instant settlement
- Dollar-denominated digital liquidity
- Lower transaction costs
- Direct peer-to-peer value transfer across borders
This is why adoption is accelerating fastest in business payments rather than retail trading.
The data behind the shift
The Grey milestone sits within a broader trend across Africa’s digital economy.
According to blockchain analytics firm Chainalysis, stablecoins accounted for approximately 43% of crypto transaction volume in Sub-Saharan Africa in 2024, making them the dominant digital asset category in the region.
The region also recorded more than $205 billion in on-chain transaction value between July 2024 and June 2025, reflecting rapid growth in digital financial activity.
Globally, stablecoin payments reached an estimated $390 billion in 2025, with a majority of activity driven by business-to-business use cases.
This confirms a broader transition: stablecoins are becoming infrastructure, not just instruments.
From usage data to infrastructure thinking
While Grey demonstrates real-world usage at scale, business leaders like Konga’s CEO are framing what this shift means strategically.
Konga Group CEO Prince Nnamdi Ekeh has argued that stablecoins could become Africa’s next trade infrastructure, replacing inefficient cross-border payment systems that rely heavily on correspondent banking networks.
This reflects a growing recognition that Africa’s current financial rails were not designed for modern digital trade.
Instead, stablecoins offer a faster, programmable settlement layer that reduces friction in global commerce.
What makes this moment different?
Africa has seen multiple waves of financial innovation, from mobile money to digital wallets and remittance platforms.
But stablecoins represent a fundamentally different layer because they do not just digitise payments; they replace the settlement mechanism in many use cases.
Three signals confirm this transition:
- Usage (Grey): Stablecoins already powering $61.4M+ in real transactions
- Narrative (Konga): Stablecoins seen as trade infrastructure
- Global data (Chainalysis + market reports): Rapid expansion into B2B payments
Together, these indicate a shift from adoption → infrastructure phase.
Regulatory outlook
Despite rapid growth, stablecoin infrastructure in Africa still operates in a developing regulatory environment.
Key policy questions include:
- How stablecoins should be classified (payment rails vs digital assets)
- How cross-border flows should be monitored
- What compliance frameworks apply to digital dollar systems
Regulatory direction will ultimately determine how quickly stablecoins scale from fintech tools to mainstream financial infrastructure.
Why it matter
The combination of Grey’s $61.4 million stablecoin transaction milestone and Konga’s infrastructure framing signals a deeper shift in African finance.
Stablecoins are no longer experimental tools at the edge of crypto adoption.
They are becoming:
- A settlement layer for SMEs
- A treasury tool for cross-border businesses
- A liquidity bridge for global trade
If this trajectory continues, stablecoins could become one of the foundational rails of African commerce, not replacing traditional finance entirely, but filling its structural gaps.
