Algorand Powers Large-Scale Digital Payments Through HesabPay Stablecoin Network

• Everyday payments through HesabPay quietly drive large-scale Algorand usage across Afghanistan’s utilities ecosystem.
• HAFN stablecoin surpassed 122M market value while processing nearly 1B on-chain volume last year.

HesabPay has become one of Afghanistan’s leading digital payment applications. It currently supports over 30 percent of all electricity bill payments in the country through Algorand. This shows that blockchain infrastructure is quietly playing a central role in Afghanistan’s payment system, while users do not need to understand or directly interact with the underlying technology.

The Afghani-denominated stablecoin, HAFN, issued solely by HesabPay on Algorand, has reached a market value of more than $122 million. It has more than 78,000 on-chain holders. In the past year alone, nearly $1 billion worth of transactions using HAFN were recorded on Algorand.

HesabPay originally started as a response to a humanitarian crisis, offering an interoperable payment solution for organizations delivering aid. Over a dozen humanitarian organizations, including the World Food Programme, have utilised the platform to transfer money to beneficiaries in Afghanistan.

Algorand-Powered HesabPay Targets New Markets

While it began as a platform to distribute aid, HesabPay’s functionality has since grown. Users can now buy airtime, pay bills, and transfer digital funds. HesabPay founder Senzar Kakar stated,

This reliability has allowed HesabPay to become a go-to tool for practical financial activities in a country with limited infrastructure.

Now, the platform is preparing to expand into neighboring markets. Syria is one of the first outside targets. This potential entry into new regions suggests a broader application for stablecoin-backed payments and cross-border support for underbanked populations.

Ongoing Developments on the Algorand Network

As CNF reported earlier, the Algorand had been integrated with Wormhole’s Native Token Transfers (NTT) standard on July 1. This change connects Algorand to Wormhole’s cross-chain network, which supports transfers between more than 40 blockchains. The project was developed alongside Folks Finance, which holds the largest share of total value locked (TVL) among Algorand-based lending protocols.

To increase on-chain participation, the Foundation launched a 13-week campaign called Algoland on September 22. It ends on December 29 and directs users to complete tasks like token swaps or minting NFTs. The Foundation plans to announce winners on January 4, 2026.

As of press time, ALGO is trading at $0.1112, with a 2.41% drop in the past 24 hours. Despite this, its daily trading volume has increased by over 15%, reaching $43.11 million.