Mambo 👋, This week, we look at how Flutterwave is quietly getting a share of Africa’s stablecoin market without making much noise about it. Meanwhile, a stablecoin startup gets acquired, and its founder has something interesting to say about building a sustainable stablecoin business.
The story
Flutterwave received $405 million in stablecoin deposits, with 95.6% arriving as USDC on Ethereum.
The average deposit was approximately $141,500, suggesting these are largely business payments rather than small retail transfers.
The numbers offer a glimpse into how stablecoins are already being used to move significant amounts of money through African payment infrastructure.
Deals
Stablecoin infrastructure platform Nuvion acquired stablecoin startup Evolution and its team.
Nuvion, which powers Flutterwave’s stablecoin infrastructure, will absorb Evolution, with its CEO taking over Nuvion’s startup division.
Too early to call it consolidation, but this could be an early sign of Africa’s stablecoin market entering that phase.
Launches
Raenest expanded its stablecoin payment features
Freelancers can now create invoices and payment links that allow clients to pay via bank transfer, card, or stablecoins. Recipients can hold USDC or USDT or convert their funds into naira, dollars, pounds, or euros.
Regulation
South Africa will rewrite its proposed crypto regulations following industry pushback.
After receiving thousands of public objections, the government said it would revise its draft rules and reopen consultations. The proposal would bring cross border crypto transfers under the country’s capital flow regulations.
Madini
“Stablecoins are great yeah, but the volumes alone are not enough to sustain your startup if you want to grow and scale , you need volume from fiat to grow sustainably.
Stablecoin focused startups who don’t realize this early are playing a zero sum game” - Timmy, whose startup, Evolution got acquired by Nuvion.
From inside
Why B2C2 hired AZA Finance founder Elizabeth Rossiello as it expands into stablecoin liquidity.
On the record
Mansa’s stablecoin powered China payments corridor reached $500 million in annualized volume.
Written from inside Africa with love 🇹🇿💚
Was this useful? Let me know on X or LinkedIn