Grey, a US-based cross-border payments company, announced that its business-focused multi-currency payments platform, Grey Business, processed $61.4 million in total payment volume (TPV) within four months of its launch. The platform allows startups and Small and Medium-sized Enterprises (SMEs) to establish US Dollar (USD) corporate accounts, manage international payments, convert currencies, and transact with stablecoins such as USDC and USDT.

Businesses across Africa are increasingly adopting dollar-pegged digital assets like USDC and USDT to mitigate foreign exchange constraints, lower transaction expenses, and achieve faster settlement. Data from blockchain analytics firm Chainalysis indicates that stablecoins constituted 43% of all crypto transaction volume in Sub-Saharan Africa in 2024. The region saw over $205 billion in on-chain transactions between July 2024 and June 2025, marking a 52% year-on-year increase.

“We are four months in and already past $61 million in processed volume,” Idorenyin Obong, chief executive officer and co-founder of Grey, stated. “African businesses have spent years working around infrastructure that wasn’t built for them.”

The company confirmed that USDC and USDT now represent the largest share of cross-border volume on the platform, establishing stablecoins as its primary payment channel. Nigeria leads in transaction count, while Western Europe and the Middle East are the frontrunners in transaction value, Grey added.

“Stablecoins being our largest payment channel wasn’t something we projected this early,” Obong remarked. “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 involved in international trade. In May, Paga, an established African fintech, collaborated with Sui, a blockchain network, to develop cross-border payment solutions. Similarly, Flutterwave, a fintech operating in over 30 African markets, partnered with Polygon in October 2025 to enhance its stablecoin payment infrastructure.

Grey identified two main use cases driving activity on its business platform: businesses routing USD collections from payment processors into Grey Business for treasury management, 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.”