Three settlement rails entered coverage, and none of them is a venue

$6.21M

Paycrest settled

53,795 orders since Jun 2024

$12.45M

Textile FX cleared

$8.18M of it African

$2.27M

HyperFX settled

936 fills since Jun 2026

~5

Market makers on Textile

essentially all the liquidity

Three settlement rails are now in AfriFlux coverage. None of them is a venue, and that distinction is the whole point.

A venue is a front door — an app a person deposits into. A rail is the plumbing underneath, and it is often somebody else's. Their volume is reported separately and is never added to market volume, because a single retail deposit can cross a rail and be counted once as venue volume and again as rail volume.

Paycrest

The escrow rail sitting underneath other people's apps. An app can cash out a stablecoin without running any settlement infrastructure of its own — it calls a contract.

$6,211,453 settled across 53,795 orders, measured from the Gateway contracts, over 813 days since June 2024.

August was its largest month ever: $1,324,514 settled on 3,755 orders, up 129% on July's $577,773. It is still small, still concentrated, and still overwhelmingly Nigerian — and growing faster than anything else in this note.

Paycrest is also the reason we pulled Noblocks for revalidation in July: the Gateway records which app each order belongs to, and those records showed 63 different apps sharing the relayer we had attributed to one.

Textile FX

An instant on-chain FX rail. A trader names a size, market makers quote it via RFQ, and the swap settles in one transaction through Uniswap's contracts. Textile never holds funds or keys.

$12,449,513 cleared across 18,013 fills in 91 days, across five chains. $8,181,582 of it — 65.7% — is African.

Almost all of that is one corridor: USDT ↔ cNGN, settling on BNB Chain and Celo. On Textile, cNGN is the Africa business.

The structure is the finding. It is two-sided — takers request, makers fill — and around five market makers provide essentially all the liquidity against a long tail of 300+ takers, most of them one-and-done. The depth of on-chain naira FX rests on a handful of desks.

HyperFX

A cross-chain intent rail. A business escrows a token on one chain and names the output it wants; an off-chain solver fills it from its own inventory on the destination chain, and a relay releases the escrow against proof.

$2,273,349 settled across 936 fills since June 2026, with an 80% fill rate. Orders arrive on Base, BNB Chain, Polygon and Ethereum, but 99.99% settle as cNGN on Base.

Supply is thinner still: 2 of 16 solvers provide 81% of settled liquidity, and 3 of 65 businesses placed 73% of volume.

HyperFX had an extraordinary week — $1,465,851 settled, 64.5% of its entire lifetime, in seven days. That is also why cNGN's transfer volume set a record that should not be read as adoption.

Research Access

Separately: if you are writing a thesis, an article or a public report on African stablecoins, you can now request the underlying data, free.

Students, academics, independent journalists, newsrooms and civil-society teams can request a project-specific package — venue-level activity, stablecoin market data across chains and DEXs, infrastructure and protocol activity, category and corridor data, at daily through quarterly frequency. You choose the scope and the time range.

Everything we publish is already free to cite. This is for the work that needs the numbers underneath it.