1/ Africa’s FX drought in three numbers: dollars trickle in, but ~$750 bn of imports, ~$90 bn in debt coupons, and a stealthy ~$89 bn in illicit flows suck them right back out. End-game: everyone queues for the last $20 in the till.

2/ In the pre-stablecoin era, inflation + capital controls meant a back-alley FX bazaar—fragmented liquidity, 20% spreads, settlements by motorbike.

3/ Stablecoins rewired the old FX market: liquidity pools on tap, fees shaved to basis points, and cash-in/out in seconds—riding the mobile money rails already in everyone’s pocket.

4/ More in @yosephayele's post!