Circle Ventures has backed CV VC’s $20 million African Blockchain Fund, signaling that stablecoin infrastructure is now the center of gravity in Africa’s crypto economy. The investment points to a market pivot from speculative trading to payments rails, data plumbing, and compliant settlement layers. Multiple reports confirm the move and frame it as a strategic bet on utility over hype.
A fund built for infrastructure
CV VC’s Africa vehicle targets early-stage startups that use blockchain for fintech, payments, and data infrastructure, with a mandate to invest in 100 startups over four years. The firm has already seeded companies such as Leading House Africa and Mazzuma, building a pipeline across South Africa, Nigeria, Kenya, Ghana, and Egypt. CV VC’s prior disclosures and coverage set the fund size expectations and cadence for deployment.
Stablecoins anchor Africa’s crypto recovery
Data shows the utility shift is real, with stablecoins now accounting for roughly 43 percent of Sub-Saharan Africa’s crypto transaction volume. Chainalysis also finds SSA received about $205 billion in on-chain value between July 2024 and June 2025, up 52 percent year over year, with Nigeria a key driver. Analysts tie the stablecoin surge to currency devaluation and dollar scarcity across the region.
Regulated rails emerge
Nigeria’s compliant cNGN stablecoin launched in February 2025 under the SEC’s regulatory incubation framework, offering a naira-pegged instrument for payments and settlement. Recent disclosures indicate cNGN has scaled to about 603 million tokens in circulation, with tens of thousands of on-chain transactions recorded. The combination of a regulated model and visible traction positions cNGN as a credible alternative rail next to the eNaira.
B2B and B2C use cases pull capital
Kredete raised a $22 million Series A to help African immigrants build credit while sending money home, using stablecoin rails to compress remittance costs and strengthen credit files. Kenyan fintech HoneyCoin secured $4.9 million to expand a stablecoin settlement network that already spans 15 countries and hundreds of enterprise clients. South Africa’s TurnStay closed $2 million to cut tourism payment fees by processing card transactions locally and settling to African merchants via stablecoins.
Liquidity providers unlock instant settlement
Dubai-based Mansa raised $10 million, with the equity portion led by Tether, to provide stablecoin liquidity so payment companies can fund accounts and settle instantly. The model uses revolving credit in stablecoins to remove cash-flow bottlenecks in cross-border flows across Africa. Expansion plans include Latin America and Southeast Asia as the product matures.
Why Circle’s bet fits the moment
Circle’s venture arm explicitly targets infrastructure and applications that catalyze payments and digital currency adoption, which aligns with Africa’s current demand curve. Backing a specialized Africa fund gives Circle intelligence, exposure to future USDC integrators, and a front-row seat to regulatory evolution. The move also complements Circle’s growing grant activity with African builders.
The near-term roadmap points to deeper integration with card networks and bank partners, not another wave of consumer trading apps. HoneyCoin plans a stablecoin-backed Visa debit card and other enterprise tools, while remittance-credit models like Kredete scale distribution with established investors. With Circle’s capital behind CV VC’s fund, the race is on to build compliant rails that lower costs, move value faster, and bring Africa’s real economy onto programmable money.