Grey offers African firms direct payments to Chinese suppliers
Grey Business now lets African companies convert dollar or stablecoin balances into renminbi and pay suppliers' bank accounts in China directly.
The facts
- According to TechCabal, Grey co-founder and COO Femi Aghedo demonstrated the feature at Moonshot by TechCabal in Lagos. Businesses can convert dollar or stablecoin balances into renminbi and pay Chinese bank accounts directly.
- Grey says Grey Business launched in February and had processed $61.4 million in payment volume by June, with stablecoins making up the largest share of cross-border flows.
- The company says it serves more than 3 million users across 70 countries and supports payouts to more than 170 destinations.
- Businesses can hold USDC and USDT, issue and freeze prepaid employee expense cards, make bulk payments from a spreadsheet, or automate payments through APIs.
Case notes · Danny's take
Why it matters
Most people hear "stablecoins" and think trading. This is the other side: an importer in Lagos paying a factory in China. Every extra bank and currency conversion on that route takes a slice of margin, and small businesses feel that first. Stablecoins leading Grey's cross-border flows shows what people actually use them for. Not speculation. Settlement.
For traders
There's no direct trade here. The useful evidence is whether stablecoin share keeps growing in real business payment volumes, because that is demand tied to commerce, not hype. Treat the $61.4 million figure as company-reported until you see independent data.
For builders
Supplier payments into China are a real pain point for African importers, and Grey is going after it with a single balance, bulk payments and APIs. If you build for SMEs, study how conversion steps and settlement delays hit margins, and where fewer intermediaries beat cheaper fees.
Not financial advice. Do your own investigation.
This story was summarised with AI from TechCabal's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.