Grey, a US-based cross-border payments company, has said its business-focused multi-currency payments platform processed $61.4 million in total payment volume (TPV) within four months of launch.
Grey Business enables startups and SMEs to open US Dollar (USD) corporate accounts, send and receive international payments, convert currencies, and transact using stablecoins such as USDC and USDT.
Businesses across the continent are increasingly using dollar-pegged digital assets such as USDC and USDT to navigate foreign exchange constraints, reduce transaction costs, and access faster settlement times.
According to blockchain analytics firm Chainalysis, stablecoins accounted for 43% of all crypto transaction volume in Sub-Saharan Africa in 2024, with businesses increasingly using them for international payments. The region received more than $205 billion in on-chain transactions between July 2024 and June 2025, representing a 52% year-on-year increase.
“We are four months in and already past $61 million in processed volume,” said Idorenyin Obong, chief executive officer and co-founder of Grey. “African businesses have spent years working around infrastructure that wasn’t built for them.”
The company said USDC and USDT now account for the single largest share of cross-border volume on the platform, making stablecoins its largest payment channel.
Nigeria leads on transaction count, while Western Europe and the Middle East lead on transaction value, Grey added.
“Stablecoins being our largest payment channel wasn’t something we projected this early,” Obong said. “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.”
While stablecoins initially gained traction among cryptocurrency traders, fintech companies across Africa are now positioning them as practical payment rails for businesses engaged in international trade.
In May, Paga, one of Africa’s oldest fintechs, partnered with Sui, a blockchain network, to develop cross-border payment solutions. Flutterwave, the fintech that operates in over 30 African markets, also partnered with Polygon in October 2025 to expand its stablecoin payment infrastructure.
Grey said two major use cases are driving activity on the business platform: businesses routing USD collections from payment processors into Grey Business as a treasury layer, and businesses converting between USD and stablecoins to manage cross-border payments within a single account.
“The addressable market for cross-border business payments out of Africa is significantly larger than what traditional banking has measured,” Joseph Femi Aghedo, chief operating officer and co-founder, Grey, said. “Banks looked at this market and saw risk. We looked at it and saw businesses that were finding ways to operate globally despite the infrastructure, not because of it.”
