Grey Business, the payments platform operated by US-based cross-border payments company Grey, has processed $61.4 million in total payment volume within just four months of launching its business-focused services.
The platform enables African startups and small to medium enterprises to open US Dollar corporate accounts, execute international payments, convert currencies, and conduct transactions using stablecoins including USDC and USDT.
Stablecoins Drive Cross-Border Growth
USDC and USDT have emerged as the dominant payment method on Grey Business, accounting for the single largest share of cross-border transaction volume. This development reflects a broader trend across Africa, where businesses increasingly rely on dollar-pegged digital assets to circumvent foreign exchange limitations and reduce transaction costs.
"We are four months in and already past $61 million in processed volume. African businesses have spent years working around infrastructure that was not built for them," said Idorenyin Obong, chief executive officer and co-founder of Grey.
According to blockchain analytics firm Chainalysis, stablecoins represented 43% of all cryptocurrency transaction volume in Sub-Saharan Africa during 2024. The region processed more than $205 billion in on-chain transactions between July 2024 and June 2025, marking a 52% year-over-year increase.
Nigeria Leads Transaction Activity
Nigeria dominates Grey Business transaction counts, while Western Europe and the Middle East generate the highest transaction values on the platform. This geographic distribution highlights the diverse use cases driving stablecoin adoption across different markets.
"Stablecoins being our largest payment channel was not something we projected this early. What we have 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," Obong explained.
Industry Partners Embrace Stablecoin Infrastructure
Major fintech companies across Africa are positioning stablecoins as practical payment rails for international trade. In May, Paga, one of Africa's oldest fintech companies, partnered with Sui blockchain network to develop cross-border payment solutions.
Flutterwave, which operates in over 30 African markets, also partnered with Polygon in October 2025 to expand its stablecoin payment infrastructure. These partnerships demonstrate the growing institutional acceptance of blockchain-based payment solutions in African fintech.
Primary Use Cases Drive Adoption
Grey Business identified two major use cases driving platform activity. Businesses route USD collections from payment processors into Grey Business as a treasury management layer, while others convert 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. 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," said Joseph Femi Aghedo, chief operating officer and co-founder of Grey.
The rapid growth of Grey Business reflects broader changes in how African businesses approach international payments, with stablecoins emerging as a preferred alternative to traditional banking infrastructure for cross-border transactions.