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New research by Dragonfly Capital managing partner, Haseeb Qureshi, suggests that when a crypto token hits the market, whether in a bull or a bear, doesn’t meaningfully change how it performs over time.

Qureshi’s report looked at 202 tokens whose listings were announced by Binance, excluding stablecoins, wrapped assets and other non-independent tokens. Once classified by market phase, with

101 launched in bull markets and

33 in bear markets,

the performance difference nearly vanished.

Across the sample, tokens launched in bull markets had a median annualized return of about 1.3%, while those debuting in bear markets recorded around -1.3% showing no statistically significant edge from launch timing.

 

According to Qureshi:

“No, launching in a bull vs bear market does not predict performance.

There is no statistically significant difference in performance between tokens launched in bull markets vs bear markets.”

Every crypto founder thinks they need to time their token launch around bull markets. I always tell them they’re wrong, launch timing doesn’t matter. They never believe me.

Well, I built a tool with Claude Code to analyze every token listing announced on the Binance blog to… pic.twitter.com/TIZh2z1uxR

— Haseeb ＞|＜ (@hosseeb) February 15, 2026

Qureshi stressed that timing shouldn’t be a primary factor for founders because performance outcomes were broadly similar regardless of market regime. Factors like cost, exchange fees and marketing expenses might matter more, and these often increase in bull markets.

He also noted in an X post that bear markets can offer cheaper talent and less competition for listings, even if bull markets traditionally drive stronger demand for token sales. The data only includes tokens that made it onto Binance and many projects that failed earlier aren’t represented while cycle boundaries are hard to define precisely.

Despite the findings, Qureshi pointed to examples like Solana launching just after the March 2020 crash, to argue that execution matters more than timing.

The bigger challenge for many tokens may be survival itself: of roughly 24,000 tokens created since 2014, more than 14,000 are now defunct, according to CoinGecko data. Even among those still active, most generate very little revenue and a separate study even found about 95% of nearly 5,000 crypto projects earn under $1,000 per month.

2025 RECAP | 2025 Was the Deadliest Year on Record for Crypto Projects – Over Half Died Fueled By MemeCoins

So, the next time you’re wondering if you should wait when the conditions are right to launch your token, Qureshi says:

“It doesn’t matter that much when you launch. Just launch!”

2025 RECAP | 4 Out of 5 New Tokens (~85%) Launched in 2025 Have Crashed

 

 

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Ghana financial authorities have signalled a new chapter in the country’s digital asset landscape, combining openness to innovation with strict safeguards to protect the national currency, the Cedi. At the first-ever Ghana Virtual Assets and Financial Services Symposium in Accra, Ghana, both the Securities and Exchange Commission (SEC Ghana) and the Bank of Ghana (BoG) stressed that the rapid growth of digital assets must not weaken the role of the Ghana Cedi in the economy.

The symposium – themed “From Trust to Transparency: Building Ghana’s Regulated Digital Asset Future” – convened policymakers, regulators, industry players and compliance experts to chart the next steps in implementing the country’s newly enacted Virtual Asset Service Providers (VASP) Act, 2025, which Parliament passed in December 2025 and was signed into law by President John Dramani Mahama.

REGULATION | Ghana Passes the Virtual Asset Service Providers Bill Officially Legalizing Cryptocurrencies

A key announcement from the event was that SEC Ghana is finalising a regulatory sandbox framework for virtual asset service providers (VASPs). This controlled environment will allow innovative crypto products and services to be tested under supervision before full licensing, with the sandbox guidelines expected to be published imminently. The framework will also embed global compliance standards, including the Financial Action Task Force (FATF) Travel Rule for securely transmitting customer information.

REGULATION | The Travel Rule Takes Effect in South Africa and Regulated Crypto Exchanges Are Complying

For its part, the Bank of Ghana stressed that while it supports innovation and investor protection in the digital asset space, the Cedi must remain the cornerstone of Ghana’s monetary system and cannot be supplanted by virtual assets. Officials reiterated that digital asset solutions should complement the existing financial framework, not function as alternatives to legal tender.

BoG representatives also highlighted close monitoring of demand for foreign-backed digital assets and noted that the central bank could pursue a Cedi-backed stablecoin in future to preserve monetary stability. One example of innovation in progress is an ongoing cross-border payments pilot with the National Bank of Rwanda in its second phase, which incorporates stablecoin settlement.

CBDC | Bank of Ghana and Monetary Authority of Singapore Pilot Cross Border Trade Using the eCedi and Digital Tokens

Already, six fintech firms have been admitted into an initial sandbox programme that will run for a year, covering digital asset exchange, custody and issuance.

These are:

1.) Transika Ltd. 2.) One Africa Securities Ltd. 3.) Mansu Technologies Ltd. 4.) Payafrione Gh Ltd 5.) Akuna Wallet Ltd. 6.) Afrix Paycoin Ltd.

 

According to the press release by the Bank of Ghana:

“The entities [above] engaged are to assist in validating proposed regulatory frameworks around the exchange, custody, administration and issuance of virtual assets.

The Bank of Ghana reserves the right to withdraw its approval of any entity at any time for non-performance or non-compliance with applicable requirements.”

 

Notable prominent but missing players were Yellow Card and Binance.

In 2025, the Bank of Ghana put out a public statement warning that Yellow Pay, a product by Yellow Card was not authorized to operate its services in the country, which could explain why it is missing on the list of possible players despite its market presence.

REGULATION | Bank of Ghana Cautions Public Against Dealing with African Crypto and Stablecoin On/Off-Ramp, Yellow Card

Binance has likewise faced legal battles in neighboring Nigeria where it is facing a $81.5 billion case with the government for tax evasion and economic losses. The Federal Inland Revenue Service (FIRS) claims that Binance has a ‘significant economic presence’ in Nigeria, making it liable for corporate income tax. It is seeking a court ruling requiring Binance to pay income taxes for 2022 and 2023, along with a 10% annual penalty on outstanding amounts.

REGULATION | Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes

More than 100 crypto firms have registered operations in Ghana since the VASP law came into effect. Under the new legal framework, the BoG will licence and supervise VASPs, while the SEC regulates investment products involving digital assets. Licensing and supervisory rules will roll out in phases during 2026, and existing providers will be required to comply to operate legally.

REGULATION | Bank of Ghana Issues Mandatory Registration of All Virtual Asset Service Providers Operating in the Country

Ghana’s digital asset ecosystem has grown rapidly: the country recorded over $3 billion in crypto transaction volume in 2024, making it one of West Africa’s largest markets. Regulators, however, stressed that this momentum must not come at the expense of financial stability and integrity.

REGULATION | Ghana Warns of Tough Penalties for Unlicensed Crypto Firms After VASP Transition Period

 

 

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Binance, the leading crypto exchange globally, and AfriCell, a major African mobile network operator, have announced their intent to collaborate on blockchain education, crypto literacy, and digital asset services across in Africa.

AfriCell is the only mainstream U.S-owned mobile network operator in Africa.

 

Key areas of the proposed collaboration include:

Crypto-as-a-Service: Exploration of crypto payment technologies, including Binance Link (https://apo-opa.co/4kGtEbr), to enable crypto payments and digital services through Africell platforms.

Education Initiatives: Co-branded courses and workshops on Binance Academy to boost crypto knowledge across Africa.

Joint User Offers: Exploration of joint promotional offers for users, which will be funded through Binances’s CPA (Cost Per Acquisition) revenue-sharing model.

P2P Enhancements: Integration with Binance P2P to improve speed, security, and convenience for peer-to-peer crypto transactions.

Jack Wong, Business Development at Binance, commented:

“Binance and Africell share a commitment to empowering African communities with education, infrastructure and practical tools to participate confidently in the digital economy.

By combining global expertise with local reach, we aim to support responsible adoption of blockchain and crypto solutions and create real value for communities.”

 

From AfriCell’s perspective, the partnership helps to expand its digital services offering.

 

AfriCell’s Head of Business Development, Nidal Safetli, says:

“Partnering with Binance allows us to bring global blockchain expertise into our local ecosystem. Together we aim to equip communities with the knowledge, technical skills and tools to participate confidently in the digital financial economy.”

 

Further details on the potential joint programmes are expected to be announced in the coming months and could potentially be expanded to the wider Lintel group of companies.

 

__________ About AfriCell

AfriCell Group is a mobile technology company providing voice, messaging, data, mobile money and other integrated telecoms services to almost 20 million subscribers across Africa.

It is the only mainstream U.S-owned mobile network operator in Africa.

CALL FOR APPLICATIONS | Binance and AltSchool Africa Partner to Empower 500 Africa Youth with Scholarships in 2025

 

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In a pivotal moment for Ethereum’s Layer-2 ecosystem, the Coinbase Layer 2 Base network, already one of the largest L2 rollups by total value locked, has announced a major architectural overhaul.

After launching in 2023 atop the Optimism OP Stack, Base is now moving to its own unified software architecture, a change with far-reaching implications for upgrade cadence, autonomy and the evolving role of L2 networks in Ethereum’s scaling roadmap.

Coinbase Working on Ethereum Layer 2 Base Blockchain Protocol for On-Chain dApp Development

From OP Stack to Base-Owned Architecture

Previously built on the modular Optimism tech stack, Base’s initial design mirrored that of many Ethereum rollups: use a shared stack to accelerate development and reliability. But the Base engineering team recently confirmed that the network is transitioning off the Optimism stack and onto a single, unified Base codebase, packaged as one official node client and software distribution.

Optimism Launches Toolkit for Developers to Build L2 Blockchains

The shift is meant to achieve several strategic goals:

Reduce reliance on external codebases and service providers, thereby eliminating coordination overhead between multiple maintainers.

Accelerate development cadence by simplifying upgrades and giving Base direct control of its release process; the team is now targeting up to six major upgrades per year, roughly twice the pace previously possible.

Streamline the sequencer – the component that orders transactions – to improve performance and node compatibility.

Importantly, Base has stated it will remain open-source and encourage independent client implementations, keeping the network’s decentralisation posture visible even as it centralises development control.

MILESTONE | Base Surpasses One Million Daily Active Addresses Outpacing the Next Several Ethereum Layer 2s Combined

This technical evolution comes against the backdrop of an operational hiccup earlier in February 2026. Base experienced temporary delays and occasional dropped transactions, traced to a misconfiguration in a change to how transactions propagated through the network.

While the chain never fully went offline, blocks continued to be produced, users did see delays in transactions reaching on-chain inclusion. The Base team rolled back the change, restored stability, and outlined month-long infrastructure upgrades designed to future-proof reliability, including better mempool handling and refined monitoring during rollouts.

That incident, though resolved, underscored the complexity of maintaining an L2 at scale and may have reinforced decisions to tighten control over the codebase and upgrade process.

Base’s shift to an in-house architecture coincides with a broader debate in the Ethereum community about the role of L2s in long-term scalability. Earlier this month, Ethereum Co-Founder, Vitalik Buterin, publicly questioned the traditional rollup-centric scaling roadmap, arguing that many L2s are struggling to progress toward fully decentralised models and that Ethereum’s base layer itself is scaling well enough to handle significant activity.

 

Buterin’s comments, that “the original vision of L2s and their role no longer makes sense,” sparked spirited reactions from rollup builders. Some, like Optimism’s Karl Floersch and Base’s Jesse Pollak, acknowledged that L2s must evolve beyond simply being “Ethereum but cheaper,” focusing instead on specialisation, unique features, and user-oriented functionality.

Others, like Arbitrum’s Steven Goldfeder, defend the core value of L2 scaling while calling for innovation within that framework.

This debate may have tilted strategic thinking within L2 teams, including Base, toward tighter technical control and differentiated product positioning, rather than treating L2 rollups purely as commodity scalability layers.

For developers, users and ecosystem builders, this shift signals that Layer-2 evolution is entering a more mature phase, one where control of the stack and the ability to differentiate may matter as much as raw throughput.

EDITORIAL | Why Circle, Stripe, and the Next Wave of Fintech Giants Want Their Own Blockchains

 

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According to a report by blockchain analytics firm, AMLBot, social engineering and impersonation-related scams were the most common attack methods in the crypto incidents it investigated throughout 2025.

AMLBot’s analysis, based on roughly 2,500 internal cases, shows that about 65% of the security incidents in 2025 were driven by social engineering, such as compromised devices, weak verification processes, and delays in detection rather than flaws in blockchains or smart contracts themselves.

The firm said its findings reflect its own casework and shouldn’t be interpreted as an industry-wide measurement of crypto crime. But the data highlights a shift in threat tactics: attackers increasingly exploit human weaknesses, not technical vulnerabilities.

AMLBot’s report pointed to several key vectors, including device takeovers via chat scams, impersonation attacks, and other frauds that rely on tricking victims into giving up sensitive information. Phishing attacks typically involve sharing fraudulent links to capture private keys and wallet access, rather than cracking code or exploiting protocols.

2025 RECAP | Physical Wrench Attacks on Crypto Holders Surge 75% in 2025 Causing Millions in Losses, Says CertiK Report

Most Frequent Scam Types

By case count,

investment scams topped the list at 25%, followed by

phishing attacks at 18% and

device compromise incidents at 13%.

“Pig butchering” schemes and over-the-counter fraud each made up about 8% of cases, while

chat-based impersonation accounted for roughly 7%.

REPORT | Phishing Dominated Crypto Hacks in 2024, Says Latest CertiK Report

Impersonation and Losses

AMLBot traced at least $9 million in stolen crypto to impersonation-related attacks over the past three months, with CEO, Slava Demchuk, calling impersonation the most damaging form of social engineering.

“Attackers continue to exploit and trick victims by posing as trusted entities – sometimes as exchange support staff, investment partners, project managers, or reps,” Demchuk said.

 

He urged crypto investors to never share private keys or recovery phrases and to be highly cautious of urgent requests for fund transfers or wallet access which are common first steps in social engineering scams.

 

The report comes as crypto scams surged in January 2026 when scam actors stole around $370 million marking the highest monthly total in nearly a year, according to crypto security firm CertiK. Of that total, $311 million was attributed to phishing attacks, including a single social engineering scam that reportedly cost a victim around $284 million.

How an Elderly Citizen Lost $330 Million in Bitcoin Was Stolen Without a Hack

 

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Global investors are turning sharply against the U.S. dollar.

The latest Global Fund Manager Survey from Bank of America shows that bearish positioning on the dollar has dropped to its lowest level since 2012. In effect, major asset managers are now heavily underweight the greenback, with many increasing bets that it will weaken further.

This marks a significant shift for the world’s dominant reserve currency.

DOLLARISATION | China Reportedly Urges Domestic Banks to Limit and Reduce Exposure to U.S Treasuries

Why Sentiment Shifted

The move comes as markets anticipate potential rate cuts from the Federal Reserve, which could reduce the yield advantage that previously supported the dollar. For much of the past two years, higher U.S. interest rates attracted global capital flows into dollar-denominated assets. That dynamic may now be fading.

At the same time, growth expectations in the U.S. appear to be moderating while other regions show signs of relative improvement. This has encouraged investors to diversify away from the dollar.

The U.S. Dollar Index (DXY), which measures the dollar against a basket of major currencies, has softened in recent months, reinforcing the bearish outlook.

Back in 2012, investor sentiment toward the dollar was similarly weak. However, the context was very different due to:

Aggressive monetary stimulus following the 2008 financial crisis

Europe’s sovereign debt crisis intensified driving global capital back into the U.S seeking safety

The Federal Reserve signal to begin tapering asset purchases staged a sustained dollar recovery

Today’s environment shares one key similarity with 2012: expectations of easier monetary policy.

MILESTONE | Global Money Supply Surges by ~7% YoY and Hits an All-Time High of $142 Trillion in 2025

A weaker dollar can make U.S. exports more competitive but may also increase import costs. More importantly, extreme positioning raises the risk of volatility. When sentiment becomes this one-sided, even modest economic surprises can trigger sharp reversals.

For now, fund managers appear convinced that the dollar’s strong cycle has peaked. Whether this proves to be a temporary pullback or the start of a longer-term shift will depend on upcoming economic data and the Federal Reserve’s policy direction.

One thing is clear: investor confidence in the dollar has not looked this fragile in over a decade.

2025 RECAP | Meet the Stablecoin that Outpaced All Dollar Stablecoins Growth in 2025 Despite Regulatory Restrictions

 

 

 

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Stablecoin infrastructure provider Bridge, which was acquired by payments giant, Stripe, has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to organize a federally chartered national trust bank.

MILESTONE | Stripe Makes Headlines with $1.1 Billion Acquisition of Bridge, the Largest Deal in Crypto History

The approval, granted in February 2026, marks a major regulatory milestone for the Stripe-owned platform and signals growing acceptance of digital dollars within the traditional banking framework. Once final approval is secured, Bridge would be able to offer a full suite of stablecoin and digital-asset services under direct federal oversight. These services include:

Custody of digital assets,

Stablecoin issuance and orchestration, and

Stablecoin reserve management

for businesses, fintechs, and financial institutions.

Bridge said its current compliance systems already align with the GENIUS Act, the stablecoin law signed in 2025, and that organizing as a national trust bank would give customers a robust regulatory foundation to build with stablecoins “confidently and at scale.”

The OCC has granted similar conditional approvals to five other crypto-aligned firms, including Circle and Ripple, underlining a broader push toward regulated stablecoin infrastructure in the United States.

PRESS RELEASE | Office of the Comptroller of the Currency Announces Conditional Approvals for Five National Trust Bank Charter Applications

Stripe’s Stablecoin Push and Global Reach

Stripe’s ownership of Bridge comes alongside its broader stablecoin strategy. In May 2025, Stripe launched stablecoin-based accounts that let clients in more than 100 countries send, receive, and hold US-dollar stablecoins including USDC (by Circle) and USDB (from Bridge) much like traditional bank accounts.

Importantly, this product is available to business users incorporated in multiple African countries such as Angola, Liberia, Tanzania, Uganda, Botswana, Senegal, Zambia, and many others listed here giving companies across the continent direct access to stablecoin financial accounts.

That offering, combined with its ownership of the African payment fintech, PayStack, and Bridge’s potential future status as a federally chartered bank in the U.S, could significantly boost the penetration of bridge stablecoins into Africa and other emerging markets. By lowering the barriers to holding and transacting with stable dollar-pegged assets, Stripe’s stablecoin ecosystem can help businesses and users in regions with volatile currencies or limited banking infrastructure access more stable digital value, streamline cross-border payments, and reduce reliance on costly traditional remittance systems.

STABLECOINS | Stripe-Owned Nigerian Fintech, PayStack, Introduces Stablecoins as a ‘Major Theme’ Over Its Next Decade

If Bridge completes the full OCC charter process, it would represent one of the most significant integrations of stablecoins into regulated financial rails potentially unlocking easier compliance, broader institutional adoption, and deeper infrastructure support for global stablecoin use cases, including in Africa.

 

 

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Stablecoin outflows from centralized exchanges have significantly slowed recently, even though market indicators still point to weak market conditions. According to the market data firm, CryptoQuant, this suggests that investor capital isn’t leaving the crypto space but is consolidating within it.

Over the past month, stablecoin withdrawals from exchanges have totaled about $2 billion, a sharp drop compared with the $8.4 billion in outflows seen at the start of the current bear market.

 

CryptoQuant’s marketing lead, Nick Pitto, said:

“Capital isn’t rushing out of crypto right now; it’s consolidating, particularly on Binance.”

 

He added that the market would only look bullish again when exchange reserves start to increase or are put into riskier assets.

MILESTONE | Bitcoin Inflows to Binance, World’s Leading Crypto Exchange, Reach Historic Lows in 2025

Binance Dominates Stablecoin Liquidity

According to CryptoQuant data, Binance now holds about $47.5 billion in USDT and USDC – the two largest stablecoins by market cap. This represents roughly 65% of all USDT and USDC held across centralized exchanges, and is up around 31% from a year ago.

Other major exchanges trail far behind.

OKX holds about 13% of stablecoin reserves (~$9.5 billion),

Coinbase has 8% (~$5.9 billion), and

Bybit holds 6% (~$4 billion).

Binance’s stablecoin holdings are heavily weighted toward USDT, with $42.3 billion in USDT compared with $5.2 billion in USDC. Binance has increased its USDT liquidity by roughly 36% year-on-year, while its USDC reserves have remained relatively flat.

REPORT | Binance Dominated Crypto Services in 2025, Reveals CloudFlare 2025 Year-in-Review Report

 

 

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Crypto, and especially stablecoins, will rapidly move from early experimentation towards mainstream for African merchants over the next two to three years. As the regulatory fog lifts, customer familiarity with stablecoins is set to accelerate as banks and major platforms roll them out, normalising crypto payments.

Between July 2024 and June 2025, Sub-Saharan Africa recorded a 52% year-on-year increase in crypto activity, surpassing $205 billion in on-chain value and ranking as the world’s third fastest-growing crypto market.

South Africa accounted for an estimated $35–40 billion of that total, fueled by strong stablecoin usage and a significant uptick in institutional participation.

Stablecoins now represent more than 45% of total crypto volume in the region, largely because of their role in addressing cross-border trade and merchant payment challenges. Beyond offering dollar-denominated value storage and transfer without the volatility associated with Bitcoin or Ethereum, they also avoid the friction and cost typical of traditional foreign exchange channels.

REPORT | Stablecoins Now Account for 43% of All Sub-Saharan Africa Crypto Transactions, Says Quidax

Regulatory clarity has further accelerated growth. Developments such as CASP licensing in South Africa, Kenya’s enactment of its VASP Act, and Nigeria’s SEC formalising oversight frameworks have contributed to rising confidence across the ecosystem.

 

“Adoption will hit hard this year and the curve will be exponential rather than gradual,” says Daniel Katz, co-founder and CEO of South African cryptocurrency and stablecoin payment infrastructure company, Ezeebit.

“Fortunately, the lag between regulation being written and its impact being felt is finally closing. At the same time, banks and payments players are actively building tokenisation and stablecoin projects, and rand-backed stablecoins are beginning to reach ordinary users. The inflection point is not years away – it is here.”

Globally, Katz points to the United States formalising stablecoin issuance, a move he believes is injecting significant capital and confidence into the ecosystem – much of which ultimately finds its way into emerging markets.

PRESS RELEASE | FSCA-Regulated Infra Startup, Ezeebit, Raises $2 Million Seed to Scale Stablecoin and Crypto Payment Infrastructure Across Africa

Merchants still have their concerns

Despite the rapid expansion, many merchants remain cautious about accepting crypto payments.

 

Katz explains that, beyond the optimistic headlines, it may still feel like a risk they do not fully control.

“They worry about price volatility between payment and settlement, are unsure who really carries that risk, and fear messy reconciliation if funds don’t arrive predictably in local currency.

Regulation and compliance add to the anxiety, because even as rules mature, business owners are unclear whether they or the provider sit in the regulators’ sights,” he says.

 

Perception is another significant hurdle. Crypto can appear technically complex and operationally heavy to non-specialists. Many merchants also assume customer demand is limited, since shoppers rarely request to pay with crypto.

“Taken together, those concerns make sticking with familiar card and bank rails feel safer than experimenting with a system they don’t yet completely trust,” Katz adds.

However, when it comes to moving money, such as transfers between crypto platforms and gaming ecosystems, or between crypto platforms and digital wallets, stablecoin and crypto rails often outperform traditional systems in both speed and cost, adding to their growing appeal.

“Crypto isn’t only being used for day-to-day spending at the checkout, but increasingly for behind-the-scenes money movement and value transfers between platforms and systems. For example, moving funds from crypto ecosystems into gaming platforms or digital wallets.

With the right crypto gateway and on-ramp infrastructure, these value flows can be embedded directly into existing payment and settlement journeys,” he explains.

 

Co-founder and COO, Jonathan Katz, notes that while many merchants are still in a “normalising” phase, the ecosystem layer above them is highly active.

“Payment service providers, platforms, wallet companies, gaming operators and other enterprises see the next wave of payments coming and are actively seeking crypto partners. Large e-commerce platforms, for example, are already evaluating providers.

Meanwhile, many high-end brands that have begun accepting crypto are quietly chipping away at the stigma, making it feel less like a fringe experiment and more like a logical next step,” he says.

Shopify Launches Early Access to USDC Stablecoin Payments on Base

 

Addressing challenges to drive merchant uptake

According to the co-founders, three key elements can significantly reduce lingering concerns.

First, selecting a provider that locks in a fixed Rand (or other fiat) amount at the point of quote, hedges volatility in the background, and settles T+1 into the merchant’s bank account eliminates fears around price swings and reconciliation issues.

Second, a wallet-agnostic design enables customers to pay from almost any wallet or exchange globally. This addresses questions around real demand and avoids the limitations of solutions restricted to a narrow set of local users. It is particularly important for merchants serving international customers in luxury retail, tourism, gaming, and hospitality.

Finally, adopting an omnichannel, direct-to-merchant integration where compliance and crypto complexity are managed behind the scenes allows finance and operations teams to process crypto and stablecoin transactions much like traditional card or bank payments, without needing in-house crypto expertise.

“If viewed holistically, waiting may carry more strategic risk than moving early with the right partner. The regulatory fog is lifting, customer familiarity with crypto is set to accelerate, and the sectors that move first are likely to normalise crypto payments while capturing meaningful brand and revenue gains.

The debate for African merchants has now shifted from an ‘if’ to a ‘when’ question,” Jonathan Katz says.

PRESS RELEASE | Scan to Pay Enables Direct Crypto Payments Through MoneyBadger Integration to Over 650,000 Merchants in South Africa

__________

About Ezeebit

Ezeebit is a South African FSCA-regulated crypto payment infrastructure company (FSP & CASP No. 53664) that enables merchants to accept cryptocurrency payments with instant stablecoin settlement and local fiat payouts.

Operating since 2023, it was founded by brothers Daniel, Jonathan and David Katz, who identified firsthand how traditional payment systems were failing African merchants. Ezeebit was built from the ground up to address real merchant challenges through compliance-first infrastructure.

The company currently serves brick-and-mortar and online merchants across South Africa, with plans to expand into the broader African market.

PRESS RELEASE | South African Payment Processor, Ozow, Announces New Crypto Payments Solution Powered by MoneyBadger 

 

 

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After years out of sight, South African brothers Raees and Ameer Cajee, the controversial figures behind the collapsed crypto investment platform Africrypt, have quietly returned to South Africa, according to a recent investigative report on the local television program, Carte Blanche.

Journalists reportedly traced the pair to locations such as the upscale Zimbali Estate in KwaZulu-Natal and spots in Umhlanga and Johannesburg, but attempts to approach them were blocked by private security. Legal representatives for some of the investors report that court papers have still not been formally served on the brothers, complicating efforts to hold them to account.

 

What AfriCrypt Promised and What Went Wrong

Africrypt launched in 2019, positioning itself as a high-yield crypto investment platform that accepted both South African Rand and cryptocurrencies. Prospective clients were promised exceptionally strong returns reportedly up to 13% per month backed by a so-called AI-driven trading system.

Several High Profile Figures, Celebrities Were Among AfriCrypt Scam Investors, One of the Biggest Financial Scandals in South Africa

However, in April 2021, the platform abruptly stopped operating. Clients received an email from the Cajee brothers claiming AfriCrypt had been “hacked” and that all funds were lost. Investors were urged not to report the incident to authorities, with the explanation that doing so would hamper recovery efforts.

That explanation was met with skepticism. Independent investigations later found evidence suggesting employees lost control of systems before the alleged attack, and that pooled customer funds were moved through Bitcoin mixers and tumblers, tactics commonly associated with hiding the movement of crypto.

[WATCH] Funds in Africrypt Wallets Were Depleted 4 Months Before Alleged Hack, Court-Appointed Liquidators Now Say

The Scale of the Losses

Early media coverage widely reported that 69,000 BTC, at the time worth as much as $3.6 billion, had disappeared along with the founders. Subsequent reviews have raised doubts about the exact figure with some estimates placing the shrinkage closer to tens of millions rather than billions. Still, the total remains uncertain.

South African Crypto Investment Firm, AfriCrypt, Reportedly Defrauds Over $3.6 Billion from Investors

Lawyers acting for affected investors appealed to South Africa’s Hawks (specialized crime unit) and other authorities, but progress has been slow in part because cryptocurrency was not yet classified as a regulated financial product in South Africa, limiting official oversight at the time.

 

Aftermath and Ongoing Uncertainty

In the months after AfriCrypt’s collapse, the brothers were reported to have traveled through several countries, including the Maldives, Tanzania, and the UAE, with Ameer Cajee even arrested briefly in Switzerland in 2021 while visiting safe-deposit boxes thought to contain crypto wallets. He was later released on bail.

Now back in South Africa, the brothers are once again drawing public attention even as many investors remain unable to serve them with legal filings or recover their funds. The trajectory of the case continues to raise questions about crypto regulation, investor protection, and legal accountability in cross-border digital-asset disputes.

Scams Are on the Rise and Make Up 95% of All Crypto Crimes in Africa, Says Latest Luno Report

 

 

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Adapted from an op-ed by the President of Nigeria, Bola Ahmed Tinubu, originally published in the Financial Times.

Africa is paying too much to borrow. Calls to end the so-called “Africa premium,” the persistent gap between how the continent is assessed and the reality of its economic fundamentals, can no longer be ignored.

The world’s three dominant credit rating agencies:

Fitch Ratings

Moody’s Investors Service and

S&P Global Ratings

exert outsized influence over Africa’s access to international capital.

Their judgments shape investor behaviour and determine borrowing costs. Yet too often, those assessments misread African risk.

 

A boy pushes a wheelbarrow through a market in Onitsha, Nigeria

 

Today, only three African countries hold investment-grade ratings, even as the International Monetary Fund projects the continent to be the world’s fastest-growing region this year.

In response, Africa is moving to establish its own credit rating agency – a necessary corrective to persistent structural bias. Critics argue that Africa would merely be “marking its own homework.” But the evidence tells a different story.

A 2023 report by the United Nations Development Programme found that rating “idiosyncrasies” cost Africa an estimated $75 billion annually in excess interest payments and lost lending opportunities.

At the heart of the issue is proximity.

An African credit rating agency would address one of the greatest weaknesses of the “Big Three”: limited on-the-ground presence.

Their models blend quantitative data with qualitative judgments on political risk, institutional strength and policy durability. Yet how those judgments are formed and how heavily they are weighted often rests on opaque “analyst discretion.” Conclusions drawn from afar frequently fail to capture local realities.

As a result, global market cycles can overshadow individual countries’ fundamentals. Many African economies are commodity-driven and export-led. When prices fall or global liquidity tightens, downgrades tend to be swift and sweeping even where reserves remain robust, fiscal buffers intact and debt profiles manageable. These downgrades can become self-fulfilling, raising borrowing costs and compounding fiscal strain.

AfreximBank Calls Off Credit Rating Relationship With Fitch Ratings, Citing Fundamental Differences in Assessment Approach

Still, a new African credit rating agency alone will not solve the problem. It must earn the confidence of global investors through rigorous, timely and comprehensive data — the language to which markets respond.

Nigeria’s recent rating upgrades offer an illustration:

Improvements in data quality and transparency including publishing more comprehensive economic statistics,

Bringing previously off-balance-sheet central bank lending onto the official public debt register,

Rebasing GDP to reflect economic reality more accurately, and

Strengthening fiscal transparency through expanded budget disclosures

have played a significant role.

Policy choices have mattered as well. The removal of a costly fuel subsidy and the liberalisation of the exchange rate signalled reform commitment. Growth beyond the oil sector has supported diversification, even as the Naira begins to decouple from global crude price movements.

Yet ratings adjustments often lag behind reform momentum and market sentiment. Nigeria’s November dollar-denominated bond issuance was oversubscribed 5.5 times, a signal of investor confidence that outpaced formal rating changes. Across the continent, upgrades tend to come slowly, especially compared with the speed of downgrades. Smaller economies, lacking Nigeria’s scale and analyst coverage, bear the brunt of this delay.

A continent-wide credit rating agency could capture reform progress in real time. Delayed upgrades are costly: countries that implement difficult reforms should not have to wait years for affordable access to capital markets. As aid flows contract, African nations must increasingly stand on their own feet but they should do so on a level playing field.

Global capital will continue to look to established agencies for validation. An African agency is not intended as a replacement, but as a complement. If it can identify reform progress earlier, and those assessments are later corroborated by the Big Three, it will build credibility while providing an early signal to markets and to existing rating institutions.

Affordable access to credit will shape whether Africa realises its demographic promise. By mid-century, the continent is projected to account for a quarter of the world’s working-age population. Africa’s economic trajectory is not merely a regional matter; it represents a global opportunity.

EXPERT ANALYSIS | ‘In Emerging Markets, High Penetration of USD-Linked Stablecoins in Particular, Weaken Monetary Transmission,’ Warns Moody’s Ratings

 

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___________________________________________

 

Adapted from an op-ed by the President of Nigeria, Bola Ahmed Tinubu, originally published in the Financial Times.

Africa is paying too much to borrow. Calls to end the so-called “Africa premium,” the persistent gap between how the continent is assessed and the reality of its economic fundamentals, can no longer be ignored.

The world’s three dominant credit rating agencies:

Fitch Ratings

Moody’s Investors Service and

S&P Global Ratings

exert outsized influence over Africa’s access to international capital.

Their judgments shape investor behaviour and determine borrowing costs. Yet too often, those assessments misread African risk.

 

A boy pushes a wheelbarrow through a market in Onitsha, Nigeria

 

Today, only three African countries hold investment-grade ratings, even as the International Monetary Fund projects the continent to be the world’s fastest-growing region this year.

In response, Africa is moving to establish its own credit rating agency – a necessary corrective to persistent structural bias. Critics argue that Africa would merely be “marking its own homework.” But the evidence tells a different story.

A 2023 report by the United Nations Development Programme found that rating “idiosyncrasies” cost Africa an estimated $75 billion annually in excess interest payments and lost lending opportunities.

At the heart of the issue is proximity.

An African credit rating agency would address one of the greatest weaknesses of the “Big Three”: limited on-the-ground presence.

Their models blend quantitative data with qualitative judgments on political risk, institutional strength and policy durability. Yet how those judgments are formed and how heavily they are weighted often rests on opaque “analyst discretion.” Conclusions drawn from afar frequently fail to capture local realities.

As a result, global market cycles can overshadow individual countries’ fundamentals. Many African economies are commodity-driven and export-led. When prices fall or global liquidity tightens, downgrades tend to be swift and sweeping even where reserves remain robust, fiscal buffers intact and debt profiles manageable. These downgrades can become self-fulfilling, raising borrowing costs and compounding fiscal strain.

AfreximBank Calls Off Credit Rating Relationship With Fitch Ratings, Citing Fundamental Differences in Assessment Approach

Still, a new African credit rating agency alone will not solve the problem. It must earn the confidence of global investors through rigorous, timely and comprehensive data — the language to which markets respond.

Nigeria’s recent rating upgrades offer an illustration:

Improvements in data quality and transparency including publishing more comprehensive economic statistics,

Bringing previously off-balance-sheet central bank lending onto the official public debt register,

Rebasing GDP to reflect economic reality more accurately, and

Strengthening fiscal transparency through expanded budget disclosures

have played a significant role.

Policy choices have mattered as well. The removal of a costly fuel subsidy and the liberalisation of the exchange rate signalled reform commitment. Growth beyond the oil sector has supported diversification, even as the Naira begins to decouple from global crude price movements.

Yet ratings adjustments often lag behind reform momentum and market sentiment. Nigeria’s November dollar-denominated bond issuance was oversubscribed 5.5 times, a signal of investor confidence that outpaced formal rating changes. Across the continent, upgrades tend to come slowly, especially compared with the speed of downgrades. Smaller economies, lacking Nigeria’s scale and analyst coverage, bear the brunt of this delay.

A continent-wide credit rating agency could capture reform progress in real time. Delayed upgrades are costly: countries that implement difficult reforms should not have to wait years for affordable access to capital markets. As aid flows contract, African nations must increasingly stand on their own feet but they should do so on a level playing field.

Global capital will continue to look to established agencies for validation. An African agency is not intended as a replacement, but as a complement. If it can identify reform progress earlier, and those assessments are later corroborated by the Big Three, it will build credibility while providing an early signal to markets and to existing rating institutions.

Affordable access to credit will shape whether Africa realises its demographic promise. By mid-century, the continent is projected to account for a quarter of the world’s working-age population. Africa’s economic trajectory is not merely a regional matter; it represents a global opportunity.

EXPERT ANALYSIS | ‘In Emerging Markets, High Penetration of USD-Linked Stablecoins in Particular, Weaken Monetary Transmission,’ Warns Moody’s Ratings

 

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___________________________________________

A global survey conducted by YouGov across 15 countries among 4, 658 crypto users found that stablecoins are no longer confined to trading desks and crypto-native users and are increasingly being used to earn income and cover everyday expenses.

The survey, commissioned by the payments infrastructure provider, BVNK, in partnership with Coinbase and Artemis, in order to examine stablecoin usage patterns among existing and prospective crypto users, revealed that a growing number of respondents said they receive part or all of their income in stablecoins, reflecting a shift from speculative use cases toward practical financial activity.

The report indicates that stablecoins are becoming embedded in:

payroll flows,

cross-border contractor payments and

business settlements.

PRESS RELEASE | Deel Partners with MoonPay to Enable Stablecoin Salary Payouts for Global Workers

The survey highlights that many users are not simply holding stablecoins as a hedge against volatility but are actively spending them. Respondents reported using stablecoins for routine purchases, bills and peer-to-peer transfers, signaling broader mainstream adoption.

1 in 4 (28%) convert or spend stablecoins within days.

23% convert or spend within 1-3 weeks

16% convert or spend within 1-2 months

The survey also found that:

77% would open a stablecoin wallet with a primary bank or fintech provider if offered

3 in 4 (71%) are interested in using a stablecoin-linked debit card

BVNK’s data points to particular momentum in regions where local currencies face volatility or where access to traditional banking rails is limited or expensive. In such markets, stablecoins offer faster settlement, lower transaction costs and easier access to US dollar–denominated value.

2025 RECAP | Stablecoins Surged by ~50% in 2025 – The Biggest Year on Record

The firm noted that businesses are also integrating stablecoins into their payment stacks to streamline cross-border operations. By leveraging blockchain-based settlement, companies can reduce reliance on correspondent banking networks and shorten payment timelines from days to minutes.

The report found that,

For those who receive income in virtual assets, ~35% of their annual earnings are in stablecoins.

For those using stablecoins for cross-border transfers, ~40% report fee savings compared to traditional remittance methods.

Half of crypto holders have made a stablecoin purchase specifically because a merchant accepts stables while 60% in emerging markets did so.

28% have used stables for a major or lifestyle purchase while 42% want to do so.

60% of respondents in middle-and-lower-income economies hold stablecoins compared to 45% in high-income economies.

Africa (Nigeria and South Africa) recorded the highest stablecoin ownership rate at 79% and the strongest forward intent at 76%

In terms of preferences,

Respondents tend to hold a range of dollar and Euro-pegged stablecoins over relying on one issuer suggesting balance maintenance across multiple tokens

46% prefer managing stablecoins on selected exchange platforms

40% prefer to manage their stables on payment apps with crypto features like Venmo or PayPal

39% prefer to use crypto wallet apps for stablecoin management

Only 13% prefer to hold stablecoins on a hardware wallet

Low and middle income economies tilt slightly more toward payment apps and mobile crypto wallets, but exchanges still lead

While trading and DeFi activity remain significant drivers of stablecoin volume, the survey underscores a noticeable expansion into real-world use cases. Payroll, remittances and merchant payments are emerging as key growth areas.

BVNK said the findings reflect a broader maturation of the stablecoin ecosystem where digital dollars are increasingly functioning as a payment rail rather than just a trading instrument.

2025 RECAP | Meet the Stablecoin that Outpaced All Dollar Stablecoins Growth in 2025 Despite Regulatory Restrictions

 

 

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At a pivotal moment for the continent’s economic future, Ghana’s President John Dramani Mahama has delivered a stark warning to African leaders: it’s time to stop debating and start delivering on a unified Pan-African payment infrastructure.

Speaking on the sidelines of the 39th African Union Assembly at the “Accra Reset’s Addis Reckoning” forum, President Mahama emphasized that years of talk about economic integration won’t translate into real benefits unless leaders move with purpose and speed.

Africa today faces a structural bottleneck. Despite the promise of the African Continental Free Trade Area (AfCFTA), a market of 1.4 billion consumers,  African businesses still rely on foreign currencies and payment networks to settle trade. That means a Ghanaian exporter must convert Cedis into Dollars or Euros to sell into Kenya or Nigeria. It’s slow, costly, and locks value out of African markets.

“The Pan-African payment and settlement system is a thing whose time has come – and with urgency,” Mahama declared.

“I should be able to ship my goods to Kenya and get paid in cedis rather than a foreign currency.” 

BANKING | Kenya’s Largest Bank, KCB Group, Begins Transactions on the AfCFTA-Approved Pan-African Payment and Settlement System (PAPSS)

While acknowledging historical challenges in moving goods and people across Africa, President Mahama painted an optimistic picture of emerging continental connectivity, crediting private sector initiatives.

This isn’t just an abstract policy goal, it’s a practical fix to strengthen trade, reduce transaction costs, and keep African value circulating in Africa.

Delaying implementation means:

Continued dependence on global payment systems that drain capital from African markets.

Higher costs and longer times for African businesses to transact across borders.

Slower integration of the AfCFTA into everyday economic life.

Mahama’s call resonates with a growing consensus among African policymakers that the continent must build its own financial infrastructure – not tomorrow, not next year, but now – if it hopes to unlock the full promise of intra-African trade and economic sovereignty.

 

“We come with the decisions. We agree. We do the frameworks. What is missing is urgency and implementation. We take time. And we behave like time is waiting for us,” President Mahama said, articulating a frustration shared across the continent.

He concluded with a clear challenge to participants and the broader African leadership.

“As we said, this is the Addis reckoning. From Addis, we must stop talking and start implementing,” he declared.

5 of Africa’s Largest Banks Sign Up to Use the Pan-African Payment and Settlement System (PAPSS)

 

 

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The CEO of Wapi Pay, one of the leading fintechs in Kenya, has confirmed that its Singapore entity is leveraging stablecoins for transactions.

While speaking on the sidelines of the Africa Tech Summit 2026 at an event organized by Chainalysis, the leading blockchain analytics company, Eddie Ndichu spoke on how the company is evolving into leveraging stablecoins.

 

In a snippet, Eddie said:

“All our transactions sit in our core platform and what is interesting and unique is we’re able, as the Singapore entity, to use stablecoins or virtual assets, and the ability to trace and track a transaction is far better than the way you track a transaction on the SWIFT network. 

Being able to track a transaction is very powerful on a blockchain. Its far more powerful than chasing a transaction between core banking systems.

Remember, fintech is an API between two ledgers. We’re evolving away from an API between two ledgers into a blockchain where you can access all transactions and permissions are done by all participants into that one ledger. 

And that’s differentiation here.”

 

According to a February 2025 report, Wapi Pay had over one million registered suppliers and beneficiaries in Asia with over one million registered merchants, traders and businesses in Africa. The company reported impressive growth in 2024 by processing ~KES 50 billion (~$400 million) in diaspora remittances.

MILESTONE | Kenyan Fintech, WapiPay, Processed ~KES 50 Billion (~$400 Million) in Diaspora Remittances in 2024 Alone

 

African Fintechs Move Toward Stablecoins

The shift toward the use of stablecoins is hardly surprising as an increasing number of fintechs, particularly across Africa, openly talk about how they’re building stablecoin infrastructure in-house.

 

Olugbenga ‘GB’ Agboola, the of Flutterwave, one of the leading fintechs in Africa, has spoken about the company’s latest move to build stablecoin rails on top of its existing and compliant fiat rails.

Speaking at the 2026 World Economic Forum in Davos, GB said stablecoins speed up settlement times and in turn enables more turnaround and trade opportunity across the entire sales cycle.

 

Being the most licensed non-bank fiat company in Africa and operational over the last 10 years, GB explained that the introduction of stablecoins does not change the company’s operations.

“When it comes to stablecoins, nothing is changing in our customer experience. You want to send money from Nigeria to South Africa or the United States, nothing is changing. 

What is changing is under the hood. We’re making it quicker and faster to move that money from the send to the business via stablecoin rails, via USDC, which is regulated, backed by the dollar, and just makes its quicker and faster.

STABLECOINS | ‘We’re Building Using Fiat Infrastructure Powered by Stablecoins,’ Says CEO, Flutterwave

PayStack, another successful Nigerian fintech, has also likewise revealed that its next decade will focus on stablecoins as a major theme. The company said it is finalizing a stablecoin license in a key market as looks at how the next 10 years will look like for the fintech.

STABLECOINS | Stripe-Owned Nigerian Fintech, PayStack, Introduces Stablecoins as a ‘Major Theme’ Over Its Next Decade

 

NALA, an East-African fintech, has also revealed a partnership to enable stablecoin collections while leveraging its regulated on-and-off-ramp. NALA will allow businesses to receive stablecoins and its partner, Noah, handles the onboarding, KYC/AML compliance, and transaction monitoring, providing a regulated gateway into the stablecoin ecosystem.

Once funds are converted into stablecoins, they will pass into NALA’s Rafiki payments infrastructure API which is designed specifically to enable stablecoin transactions which terminate directly with local banks and mobile money networks across the markets it operates in.

STABLECOINS | Leading African Fintech, NALA, Partners with Noah to Launch a Stablecoin Settlement Network on Regulated Rails

 

 

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A Ruble-linked stablecoin that was barely known outside Russia a year ago saw the fastest growth of any stablecoin over the past 12 months, exceeding the expansion of both Tether’s USDT and Circle’s USDC. Despite Western sanctions targeting Russia and related crypto infrastructure, the token – known as A7A5 – added roughly $90 billion to its supply in 2025, outpacing the dollar-pegged market leaders.

A7A5 was created to support cross-border payments at a time when traditional banking access has been restricted, and it has grown rapidly even as international pressure has mounted.

While USDT and USDC dominate the global stablecoin market with dollar pegs and deep liquidity, A7A5’s rapid issuance and adoption within its niche segment meant its net supply growth in 2025 outstripped both even though its total market size remains smaller. This sharp rise was driven by strong use in payments and settlement flows that bypass traditional bank rails, where sanctions have cut off many Russian entities from international finance.

MILESTONE | Stablecoins Cross $300 Billion in Market Cap for the First Time

A7A5’s Origins and Purpose

A7A5 was launched in early 2025 by a payment-oriented company called A7 LLC. It’s pegged one-to-one with the Russian ruble and backed by ruble deposits held at traditional banks, including Russia’s Promsvyazbank, a state-linked lender. The coin was initially marketed as a digital settlement tool for cross-border trade, particularly for Russian firms that faced growing restrictions accessing the global banking system.

The token operates on public blockchains such as Ethereum and TRON and quickly attracted activity from tens of thousands of addresses, with nearly 250,000 transfers recorded in under a year.

As of January 2026, over 35, 500 accounts held A7A5, up from 14, 000 accounts in July 2025 with just over 42.5 billion A7A5 in circulation with a dolla value of $547 million.

Sanctions and Regulatory Pushback

Growth hasn’t occurred in a vacuum. Western governments have singled out A7A5 and related infrastructure as part of broader sanctions pressure on Russia’s financial system. In August 2025, U.S. authorities imposed sanctions on entities linked to the coin’s ecosystem, and the European Union later blacklisted the token itself, describing it as a vehicle used to skirt international financial restrictions tied to geopolitical conflicts.

The sanctions have had a tangible impact: issuance of new A7A5 tokens has stalled since mid-2025, and daily transaction volumes have fallen sharply from peaks of about $1.5 billion to levels closer to $500 million. Some decentralized exchanges have even blocked the token from trading interfaces, and users trying to bridge A7A5 into mainstream stablecoins have reported freezes on their dollar-linked assets.

However, transaction numbers increased significantly in late September 2025, due to the introduction of the ability to purchase A7A5 with PSB bank cards.

Despite these headwinds, cumulative on-chain activity for A7A5 has still exceeded $100 billion in total transactions less than one year since its debut, according to blockchain analytics firm, Elliptic.

2025 RECAP | Sanctions Fuel Over 160% YoY Record Flow Increase to Illicit Crypto Addresses in 2025

Broader Ecosystem Implications

Analysts say A7A5’s rise illustrates a key challenge in global finance: when traditional banking access is restricted, actors may turn to blockchain-based rails to move value. Regulators worry this could weaken the effectiveness of sanctions and complicate oversight, because stablecoins like A7A5 can facilitate rapid cross-border flows outside established compliance frameworks.

At the same time, sanctions and exchange controls have demonstrated that enforcement can constrain such systems slowing growth, reducing liquidity, and limiting access to major stablecoin networks.

2025 RECAP | Stablecoins Surged by ~50% in 2025 – The Biggest Year on Record

 

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In 2025, tokenized gold assets played a major role in the expansion of real-world asset (RWA) tokenization on blockchains, contributing roughly 25% of total net growth for the year after experiencing a 177% increase in market capitalization.

According to data compiled by CEX.IO from on-chain sources, the value of tokenized gold climbed from about $1.6 billion to $4.4 billion in 2025. That near-$2.8 billion gain alone accounted for a significant portion of the RWA market’s net inflows, outpacing growth in tokenized stocks, corporate bonds, and non-U.S. Treasuries.

MILESTONE | Onchain Gold Trading Surges to Record High as Market Eyes Tokenized Stocks

While the broader gold market also performed well, with physical gold’s total market value increasing over the year, tokenized gold far outgrew traditional bullion and most major spot gold exchange-traded funds (ETFs) on a relative basis.

Trading activity for tokenized gold also surged in 2025, with overall trading volumes reaching approximately $178 billion. In the fourth quarter alone, quarterly volumes exceeded $126 billion positioning tokenized gold as the second-largest gold investment vehicle globally by volume, trailing only the SPDR Gold Shares ETF in total throughput.

MILESTONE | Gold Hits Historic High and Nearly Adds Bitcoin’s Entire Market Cap in a Single Day

The lion’s share of this on-chain trading came from Tether Gold (XAUT), which spiked in popularity late in the year and accounted for roughly 75% of tokenized gold trading volume in Q4, a substantial jump from its share in Q3 2025.

These trends reflect a broader shift in where gold liquidity is forming: increasingly on blockchain rails instead of through traditional financial channels, highlighting the growing appeal of tokenized commodities as part of the evolving RWA ecosystem.

MILESTONE | Tether is Now One of the Largest Holders of Gold Globally

 

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South African financial markets are witnessing a notable shift in corporate treasury strategy as Africa Bitcoin Corporation (ABC) continues building its Bitcoin reserve. The Johannesburg-listed firm recently added an additional 1.35 BTC to its balance sheet, bringing its total holdings to 4.55 BTC, a modest but strategically symbolic step in its long-term Bitcoin acquisition programme.

The coins were purchased at an average price of about R1.14 million (~$71, 400 as of this writing) each, slightly above contemporary market levels. While this holding remains small relative to global Bitcoin treasury players, ABC says it plans to scale its acquisitions over time in a manner similar to major corporate holders such as Michael Saylor’s Strategy (formerly MicroStrategy), which has amassed hundreds of thousands of BTC on its balance sheet.

MILESTONE | The World’s Largest Public Bitcoin Holder Now Owns Over 700,000 Bitcoins

A Strategic Pivot

ABC didn’t start life as a Bitcoin treasury company. Earlier in 2025, the firm was known as Altvest Capital, a Johannesburg-based investment company focused on credit, advisory services and funding for small and medium-sized enterprises (SMEs). In February 2025, Altvest made headlines by becoming the first publicly-listed African firm to add Bitcoin to its treasury reserves, signalling a shift towards a more resilient balance sheet strategy anchored in BTC.

MILESTONE | Altvest Becomes First Publicly-Listed Firm in Africa to Add Bitcoin to Treasury Reserves

By September 2025, this strategic emphasis culminated in a formal rebranding: Altvest Capital officially became Africa Bitcoin Corporation, reflecting a renewed corporate identity built around Bitcoin as its primary long-term reserve asset.

The transition was part of a broader plan to raise capital (approximately R210 million) to fund ongoing Bitcoin purchases, targeting both retail and regulated institutional investors who may have previously lacked direct access to BTC exposure.

BITCOIN | Altvest, Africa’s First Publicly-Listed Firm to Add Bitcoin to Treasury Reserve, Rebrands to ‘Africa Bitcoin Corporation’

This rebranding also positions ABC among a growing number of global companies using Bitcoin to strengthen corporate balance sheets, a strategy that has gained traction among firms seeking to protect wealth against inflation and currency depreciation.

 

Varying Corporate Bitcoin Strategies in South Africa

ABC’s moves come against a backdrop of contrasting approaches to Bitcoin within South Africa’s broader financial ecosystem.

While ABC doubles down on Bitcoin accumulation as a reserve asset, other financial players are urging caution. Major asset manager Sygnia Ltd., which manages roughly $20 billion, has publicly advised clients to limit Bitcoin exposure to no more than 5 % of discretionary assets due to the cryptocurrency’s volatility, even as demand grows for its Bitcoin-linked funds.

BITCOIN | South Africa’s Largest Independent Asset Manager Urges Clients to Limit Bitcoin Exposure to Under 5% of Their Portfolio

This juxtaposition highlights a broader debate among institutional actors: should firms embrace Bitcoin aggressively as a wealth reserve, or position it as a modest, diversified component of broader investment strategies?

 

For investors and market observers, ABC represents a pioneering case of regulated Bitcoin exposure within Africa’s capital markets. By combining traditional financial services with a Bitcoin treasury strategy, the firm provides an accessible channel for investors including those in retirement vehicles or funds restricted from direct crypto ownership to gain indirect regulated exposure to BTC through equity ownership.

As Africa’s first listed Bitcoin treasury company, ABC may not only shape perceptions of Bitcoin’s role in corporate financial planning but also spur wider adoption of digital asset strategies across emerging markets.

CASE STUDY | Strategy Inc. – A Corporate Playbook for Bitcoin Adoption in Africa

 

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Authorities in Israel have arrested and charged two people, a military reservist and a civilian, for allegedly using classified information to place bets on the prediction market, Polymarket, about Israel’s military operations against Iran.

Prosecutors say the reservist obtained secret information during service and used it to inform trades, triggering charges that include security offences, bribery and obstruction of justice. Officials described such trading as a “real security risk,” and vowed to pursue further cases of misuse.

 

According to the official report from the Israel Ministry of Defense:

In a joint operation by the Shin Bet, Lt. Col. Arazim of the Malmab, and the Israel Police, several suspects were recently arrested, including a civilian and reservists, on suspicion of gambling on the “Polymarket” website regarding the occurrence of military operations, based on classified information to which the reservists were exposed by virtue of their role in the army.

The defense establishment emphasizes that making such bets, based on secret and classified information, poses a real security risk to IDF operations and state security.

The Israel Anti-Corruption Bureau, Shin Bet, Israel Police, and the IDF view the acts attributed to the defendants with great seriousness and will act decisively to thwart and bring to justice any person involved in the illegal use of classified information.

 

 

This dramatic intervention marks one of the first criminal prosecutions tied directly to insider use of private or classified intelligence on prediction platforms, highlighting the glaring regulatory and ethical gaps in these markets.

 

Prediction markets like Polymarket and Kalshi let traders bet on future events, ranging from election results to geopolitical outcomes. Ideally, they aggregate public sentiment to create ‘market forecasts.’ But when someone with non-public, material information trades ahead of the crowd, it isn’t just unfair, it can erode trust and distort prices that others rely on.

Unlike traditional securities markets where insider trading laws and surveillance systems are well-established, prediction markets operate in legal and regulatory gray zones, especially those outside U.S. regulatory perimeters.

Understanding DeFi Prediction Markets and Why they are Always Right

 

Other Significant Cases Highlighting the Problem

1.) The Maduro Capture Wager 

In early 2026, a trader made a high-stakes bet on Venezuelan President Nicolás Maduro’s removal from power just hours before news broke of his capture, turning roughly $32,000 into over $400,000 in profit. The timing and account behavior raised immediate insider trading suspicions.

The episode triggered a U.S. legislative response: Representative Ritchie Torres introduced the Public Integrity in Financial Prediction Markets Act of 2026 to explicitly ban federal officials from wagering on outcomes tied to confidential government decisions – a direct sign of regulators grappling with prediction-market abuse.

 

2.) Suspicious Timing on Venezuela Bet Raises Questions

Blockchain analytics highlighted unusual wallet activity clustering around the same Venezuelan event, with fresh accounts placing large concentrated positions well before public information emerged, underscoring structural vulnerabilities when insiders or well-informed traders can act ahead of others.

 

3.) Accusations Around Tech and Search Data

There have been unverified allegations beyond strictly geopolitical bets of traders using early access to internal data leaks (for example, on Google’s product plans or search rankings) to profit on prediction markets. One crypto community discussion even cited cases where a trader allegedly netted over $1 million through such suspicious activity.

 

4.) Betting on Unethical Topics Like Greenland Takeover

In late 2025, the Danish Tax Minister expressed strong dissatisfaction with the betting of topics on death and destruction around the Russian-Ukraine war, which she said involves national sovereignty and the safety of others. She said that the government has a responsibility to act on such matters when about $5.2 million was wagered on whether ‘Trump would take over Greenland.’

 

 

Unlike regulated stock exchanges, many prediction markets do not collect detailed trader identities or operate under securities law, making traditional surveillance and enforcement tools harder to apply. Some platforms prohibit misuse in their terms, but without robust monitoring and legal teeth, exploiting non-public information can go undetected or unpunished.

Even in the U.S., market regulators such as the Commodity Futures Trading Commission (CFTC) which oversees regulated markets like Kalshi have seen enforcement staffing declines, raising concerns about their capacity to police emerging abuse on prediction markets as trading volumes rise.

PARTNERSHIP | Social Media Platform, X, Partners with Decentralized Prediction Markets, PolyMarket, to Help Audiences Contextualize Information

 

 

Prediction market platforms and regulators are pushing back:

Kalshi’s CEO publicly backed a ban on insider trading, calling it a financial crime and supporting legislative efforts to tighten rules.

Some jurisdictions like Singapore have taken enforcement steps, blocking platforms they consider unlicensed or illegal, partly due to concerns over insider abuse and gambling law compliance.

Broader calls are growing for enhanced monitoring tools, blockchain analytics, and clearer legal frameworks especially as markets expand into political and national security outcomes.

MARKET ANALYSIS | Why Solana’s ‘Crypto Casino’ Shifted from Memecoins to Prediction Markets

The Israeli arrests illustrate that prediction markets are no longer fringe experiments, they now intersect with national security, regulatory gaps and financial integrity.

With suspicious trades involving geopolitical events, heavyweight legislative proposals, and enforcement actions underway, authorities and industry stakeholders are increasingly focused on plugging the insider trading loopholes that threaten the credibility and fairness of these rapidly growing platforms.

REGULATION | PGI CEO Sentenced to 20 Years as Global Crypto Fraud Case Highlights Cross-Border Enforcement

 

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The Federal Government of Nigeria has reportedly released a draft white paper titled “Future-Proofing Nigeria’s Digital Economy: A White Paper on Virtual Asset Regulation” – a bold, forward-looking blueprint aimed at bringing clarity, trust, and global alignment to Nigeria’s fast-growing virtual asset market.

This draft, produced as part of a coordinated government effort, blends strategic economic vision with practical frameworks for supervising digital assets, positioning Nigeria as a pioneer in African crypto policy design.

At its core, the VARA Nigeria White Paper recognizes a simple truth: virtual assets are no longer fringe technologies. They’re deeply woven into how Nigerians send money, transact online, protect savings, and participate in global commerce. Rather than suppressing this growth, the government now seeks to harness it responsibly.

President Bola Ahmed Tinubu emphasizes in his foreword the need for modern financial architecture that balances innovation with stability, one capable of supporting a $1 trillion economy and empowering millions of entrepreneurs.

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Previous regulatory frameworks were stretched thin. With virtual assets operating largely outside a clear legal perimeter, challenges sprang up:

Fragmented oversight across agencies

Uneven enforcement

Lack of consumer protections

Opaque compliance expectations

The white paper responds to these gaps with a cohesive supervisory architecture, designed to be proportionate, collaborative, and forward-compatible with global norms.

 

The VARA Framework Explained

Instead of creating a standalone regulator, Nigeria’s approach is distributed and cooperative:

Virtual Asset Regulatory Council (VARC) – A strategic coordination body co-chaired by the Central Bank of Nigeria (CBN) and the Nigeria Revenue Service (NRS) ensuring key government institutions work in concert.

Virtual Asset Regulatory Office (VARO) – The operational “front door” for non-security virtual assets offering visibility and consistency in supervisory oversight.

Agency-Based Regulatory Teams – Supervisory units within participating government agencies that regulate specific activities within their mandates.

This distributed model preserves institutional strengths (e.g., banking for CBN; taxation for NRS; securities supervision for SEC) while ensuring digital assets don’t slip through the cracks.

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The white paper charts out a three-track implementation pathway:

Foundations – defining the regulated perimeter, launching pilot programmes, and establishing governance mechanisms like VARC and VARO.

Market Protections – introducing rules, proportionate controls, and consumer protection standards.

Supervisory Infrastructure – building telemetry systems that let regulators monitor activity in real time.

This layered approach embeds risk-based supervision, meaning requirements scale with the potential impact of a firm’s operations — from simple wallets to complex exchanges.

Unlike top-down edicts of the past, the paper highlights stakeholder engagement as a key pillar:

Industry innovators

Fintech entrepreneurs

Academia

Civil society

This collaborative framing isn’t just rhetorical – it reflects a broader shift in how Nigeria imagines shaping digital finance policy: inclusive, transparent, and grounded in expertise.

 

The VARA Nigeria White Paper doesn’t exist in a vacuum. Nigeria’s crypto policy has undergone major shifts:

The Investment and Securities Act (ISA) 2024 formally recognizes digital assets and brings Virtual Asset Service Providers (VASPs) under SEC oversight.

However, regulatory roles between CBN, SEC, and other agencies have sometimes been unclear, leading to uncertainty for banks and fintechs.

Legislators and policymakers continue to debate frameworks that protect users while enabling innovation.

In this turbulent but exciting environment, VARA represents an effort to articulate a clear, coordinated framework that preserves Nigeria’s competitive edge.

If implemented thoughtfully, the VARA framework could:

Build regulatory clarity for operators and investors

Support financial inclusion and innovation

Attract global capital and partnerships

Strengthen consumer protections

Enable integrated financial systems, from remittances to decentralized finance

Most importantly, it signals a philosophical shift: Nigeria is no longer reacting to crypto but seeking to lead responsibly.

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