STABLECOINS | Nigerian Startup, Grey, Processes Over $60 Million via Stablecoins in Just 4 Months After Product Launch

Grey Business, the business payments platform operated by Nigerian fintech startup, Grey, processed more than $61.4 million in transaction volume in its first four months highlighting rising demand for stablecoin-powered cross-border payments among businesses navigating Africa’s fragmented financial systems.

The company said USDC and USDT stablecoins now account for the single largest share of cross-border volume on the platform making stablecoins the largest payment channel.

“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, for trade settlements. We built for that use case. The numbers are now confirming that it’s not a niche.”

The growth comes as African companies face persistent challenges accessing foreign currency, high remittance costs, and lengthy settlement times through traditional banking channels. Stablecoins, which are digital tokens pegged to assets such as the U.S. dollar, have emerged as an alternative payment rail for businesses seeking cheaper and near-instant international transfers.

Grey said stablecoin transactions now account for a growing share of activity on its platform reflecting broader adoption of onchain payment infrastructure across emerging markets.

The company joins a wave of African fintech firms integrating stablecoins into their products as demand rises for dollar-denominated payment solutions amid currency volatility across several African economies.

Stay tuned to BitKE on stablecoin developments across Africa.

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