Stablecoins are digital currencies designed to have a stable price by being pegged 1:1 to existing traditional fiat currencies, like the US Dollar. Unlike volatile cryptocurrencies like Bitcoin, stablecoins are backed by reserves (such as cash or government bonds) to ensure they can always be redeemed for their underlying value. Examples are USDT, USDC, EURC, cNGN, etc.

How is this different from Fiat (USD, NGN, EUR, etc) currencies? 

Stablecoins are digital tokens pegged to a stable fiat currency. This means they have the same value (1:1) as the government-issued currency (fiat).

Additionally, stablecoin transfers are faster and have lower transfer fees. Instead of waiting as long as 3 days for fiat transfers, stablecoin transfers are completed in seconds.

Why is Flutterwave offering stablecoins? 

Flutterwave is offering stablecoins to provide businesses within and outside Africa with a fast, reliable, and flexible way to receive and make payments by leveraging blockchain technology. This helps businesses carry out instant, safe, and secure transactions without relying on traditional, and often slow channels. 

What stablecoins are available on Flutterwave? 

We currently have USDT and USDC. You can access your USDT and USDC balances on your Flutterwave dashboard. 

How do I access USDT and USDC balances on my Flutterwave dashboard? 

You need to have completed your KYC verification to use our stablecoin features. Simply complete your KYC verification to get started. Visit this page for information on the documents needed to verify your account. 

How long does it take for my USDC and USDT wallet addresses to be created after completing my KYC verification? 

Your stablecoin balances will be created within minutes after completing your KYC verification. If you don’t see your stablecoin balance within 24 hours, please chat with us or send us an email. 

PS: We might require additional KYC information from you to set up your stablecoin wallet addresses as required by our partners.

Are there fees associated with creating a USDC or USDT balance? 

No, creating your USDC/USDT balance is absolutely free! You only need to have all your KYC documentation approved to access your stablecoin balances.

What can I do with stablecoins on Flutterwave? 

With your USDC/USDT balance, you can: 

• Convert your funds between fiat currencies (NGN, USD) and stablecoins (USDC or USDT). 

• Fund your USDT/USDC balances within and outside Flutterave

• Initiate and receive transfers with your USDT/USDC wallet addresses

Can I receive my settlement in stablecoins? 

Not yet, this is coming soon.

Currently, you can only fund your stablecoin balances from the supported fiat currencies (NGN & USD) and external stablecoin wallet addresses. You can also initiate transfers to external stablecoin wallet addresses.

Can I generate multiple stablecoin wallet addresses on Flutterwave? 

No! You can only generate one USDT wallet and one USDC wallet. 

What are the supported stablecoin networks? 

The Polygon network is the only supported network at the moment. We are working to add other networks to our platform.

What are the fees associated with stablecoins on Flutterwave? 

For more information on our fees, visit this link. 

Does Flutterwave charge gas fees? 

The selected blockchain network charges its gas fees. This would be automatically added to your processing fees.  

I don’t have a USDC or USDT balance. What should I do? 

You may be unable to access stablecoins on your Flutterwave dashboard due to the following reasons: 

• Incomplete KYC Verification: If your account lacks the necessary KYC documentation, you may not be able to access stablecoins on your Futterwave dashboard. Visit this link to view the KYC documents required to complete your onboarding. 

• Regulatory Compliance: Following all regulatory and compliance standards helps us keep all transactions secure. Learn about our policy here to stay compliant.  

If your account meets our compliance requirements but you don’t have stablecoin wallet addresses, please contact us.