Businesses drive Nigeria’s stablecoin market, but a few accounts dominate the flows

Ask anyone in Nigeria what stablecoins are for, and you’ll hear about people. Freelancers cash out dollars from foreign clients. People save in USDT. Traders move money between apps. That picture is accurate. It is also the smaller half of the story.

At AfriFlux we map Nigerian exchanges, offramps, neobanks, and payment companies wallet by wallet.

Across the 22 venues we track, 967 business-class accounts moved $2.26 billion in stablecoins between July and September. Over the same three months, 209,495 retail deposit addresses moved $493 million. Fewer than half a percent of the accounts carried 81% of the money we observed.