A coalition of software firms has launched Nigeria's first compliant stablecoin, cNGN, which has been included in the Nigerian Securities and Exchange Commission's incubation program. The stablecoin is now live on two licensed digital asset exchanges in Nigeria and is designed to improve capital market and financial operations in the digital age. The stablecoin project took three years to achieve and is live on major blockchain protocols. Critics argue that the stablecoin, pegged to the depreciating naira, may struggle to gain traction compared to stablecoins backed by the widely accepted US dollar. However, others see it as a tool for faster cross-border payments and believe it could be a catalyst for the industry. The cNGN stablecoin will roll out across partner exchanges and financial institutions starting in February.



Other News from Today