Grey Business Hits $61.4M Volume as Stablecoins Lead

In Short

• Grey Business says it processed $61.4 million in total payment volume in four months.
• The company says stablecoins now make up the largest share of cross-border payments on its platform.
• The update points to growing stablecoin use by African SMEs dealing with FX shortages and slow settlement.

What Happened

Grey says its business-focused multi-currency payments platform, Grey Business, processed $61.4 million in total payment volume within four months of launch.

Grey Business is built for startups and SMEs that need USD corporate accounts, international transfers, currency conversion, and stablecoin settlement. Stablecoins are crypto tokens designed to track a stable asset, usually the US dollar, so they behave more like digital cash than a volatile coin.

The company said USDC and USDT now account for the single largest share of cross-border volume on the platform. USDC and USDT are dollar-pegged stablecoins, which means each token aims to hold a value close to $1.

Grey CEO and co-founder Idorenyin Obong said African businesses have spent years working around payment infrastructure “that wasn’t built for them.” The pitch is that stablecoins can reduce costs and speed up settlement, since transfers can clear on blockchains within minutes rather than days.

Why It Matters

For many African businesses, foreign exchange constraints make it hard to pay global suppliers, run remote teams, or accept payments from overseas customers. Stablecoins have become a practical workaround for some firms because they can hold dollar value without needing traditional USD bank access.

The broader data backs this trend. Chainalysis reported that stablecoins represented 43% of all crypto transaction volume in Sub-Saharan Africa in 2024. Chainalysis also estimated the region received over $205 billion in on-chain transactions between July 2024 and June 2025, up 52% year on year.

For founders and operators, the key question is how reliably stablecoin rails can integrate with local payout options, compliance checks, and corporate accounting. As more B2B payment platforms report stablecoin-led volumes, regulators and banks are likely to pay closer attention to how these flows are monitored and taxed.