Table of Contents
TL;DR,
- With 1M users and $2B processed, Raenest’s stablecoin accounts (USDC/USDT) deliver faster payouts and inflation‑resistant savings for African freelancers.
- Raenest (formerly Geegpay) now lets African remote workers and creators receive crypto payments and instantly convert them to fiat currency, bridging the gap between the global crypto economy and everyday local spending.
- Nigeria leads stablecoin adoption, USDT (88.5%), and USDC (9.9%), driving platforms to integrate stablecoin rails for cross‑border earnings and inflation hedging.
Nigeria-based fintech Raenest, formerly known mainly for Geepay, announced a game-changing suite of services that includes stablecoin accounts supporting USDC and USDT. It’s recently become common knowledge that stablecoins have dominated Africa’s crypto ecosystem, making stablecoin payments infrastructure a must-have for remittance companies.
Raenest Stablecoin Accounts Go Mainstream for African Freelancers
Raenest, known for its cross-border remittances and multi-currency accounts, has announced four new services that anchor the company’s US expansion and connect crypto rails to fiat within the ecosystem. Now users have access:
- Stock investing
- Stablecoin conversion
- Faster payouts, and
- Expanded U.S. money transfers.
The stablecoin accounts feature auto-converts, minimizing volatility while keeping liquidity within Raenest’s “money loop.” The platform leverages support for Africa’s most relied-on stablecoins, USDC and USDT, within its ecosystems. Essentially, it’s a path to inflation-resistant savings, instant settlements, and lower transaction costs.
Since its founding in 2022, Raenest has undergone several transitions. It’s important to note that the product facilitates conversion; however, it doesn’t offer direct crypto trading. Freelancers, remote workers, and Africa’s gig economy are usually the companies’ main target. Now, these groups can receive crypto payments and quickly convert them into fiat for everyday use. Raenest maintains licenses as an International Money Transfer Operator in Nigeria and a Money Services Business in Canada.
Crucially, Raenest pairs its global fiat rails with a multi-currency wallet with stablecoin support. As the U.S. market entry progresses, this approach aims for smoother on-ramp and off-ramp services under one roof while tapping into U.S. financial rails and on‑chain liquidity.
CHECK OUT: HoneyCoin Secures $4.9M to Expand Instant Stablecoin Payments
From Geegpay to Raenest
Victor Alade (CEO), Sodruldeen Mustapha, and Richard Oyome are the minds behind Raenest, offcially debuting in 2022. However, the company initially operated as an employer of record (EOR) service before transitioning to cross-border payment solutions. The platform says the change was made because of feedback from the market and the fact that international payments preferred digital assets over mobile money platforms.
By February 2025, Raenest had raised $14.3 million in four funding rounds, the biggest of which was a $11 million Series A led by QED Investors. Even more impressive, the platform said it had more than 1 million users in 50 countries and handled more than $2 billion in transactions. The company has reported good operational numbers, with 95% of transfers happening right away and more than 10,000 transactions happening every day.
The platforms were mostly a way for African freelancers to get paid from other countries using virtual USD, GBP, and EUR accounts. The rebrand introduced and validated a core truth circulating globally: stablecoin accounts outpace normal USD.
What this means for users of freelance payment platforms
Africa’s gig economy has grown especially among its Gen Z demographic, with many opting for platforms like Upwork, Fiverr, and Gusto. Raenest’s consumer product, Geegpay, helps freelancers, remote workers, and creators receive international payments.
The stablecoin accounts just provide better services and broaden the market. Its integration of digital dollar saving accounts through USDC and USDT is an option to hedge against inflation. Nigeria, while its economy and Web3 ecosystem thrive, has a volatile fiat currency. This fact actually heavily contributed to its success in alternative financial systems.
A multi-currency wallet with stablecoin support allows you to hold balances in USD, EUR, GBP, USDC, and USDT and switch between them as needed. You can use virtual and physical cards that work all over the world. This flexibility is especially useful for content creators, digital entrepreneurs, and remote workers who get paid through sites like Upwork, Fiverr, and Gusto.
At the same time, Raenest unveiled complementary features that enhance the stablecoin payment infrastructure: stock investing capabilities, Raenest Fasttrack specifically designed for Upwork users, and expanded U.S. money transfer options. Together, these services create an integrated financial operating system rather than a fragmented collection of tools. The company already has a steady line of clientele, with over 300 business clients, including MoniePoint, Helium Health, and Matta, already processing payments through the platform, creating built-in network effects.
Why Nigeria is Ready for Stablecoins
Nigeria is at the heart of Africa’s stablecoin adoption. Between July 2023 and June 2024, Nigeria processed nearly $22 billion, about 40–43% of the country’s total crypto volume. There’s no debate; it’s the largest stablecoin market in Sub-Saharan Africa, and regionally it’s ranked second globally in Chainalysis’s 2024 Global Crypto Adoption Index.
Now, every global and local platform is rushing to add stablecoins to their repertoire. Even its government came to recognize its potential, speeding up regulatory adoption and even endorsing its local stablecoin, CNGN.
FOLLOW UP: cNGN Investments: Xend Finance’s Gateway to African Markets
Nigeria got $19.5 billion in 2023 to protect itself from the naira’s drop, which was more than 30% in early 2024. USDT makes up about 88.5% of all transactions, while USDC makes up 9.9%. This background helps us understand why Raenest chose to support USDT/USDC and why stablecoin payment infrastructure is growing quickly across the continent.
Busha is another well-known player. It got a temporary SEC license in August 2024 and has more than 800,000 users in its different markets. The platform lets you trade and stake USDT and USDC with an annual percentage yield (APY) of up to 10%. It also added Nigeria’s first compliant naira-pegged stablecoin (cNGN) in February 2025.
In August 2024, Quidax became Nigeria’s first SEC-licensed exchange. It has about 600,000 users around the world and lets people trade USDT/NGN. Luno supports USDT/NGN trading and, as of July 2025, has launched Nigeria’s first crypto staking service, boasting a vast presence of over 10 million customers across more than 40 countries, with Africa accounting for over 55% of new sign-ups.
The stablecoin accounts provide a method for Raenest to integrate crypto liquidity into its fiat systems, making cross-border earnings more accessible for freelancers, remote workers, and businesses.
