Nigeria’s first compliant stablecoin, cNGN, has been launched by a coalition of software firms, marking a significant milestone in the country’s digital economy. The stablecoin is designed to improve capital market and financial operations in the digital age and is backed by the Nigerian naira.
The cNGN stablecoin is live on major blockchain protocols, including Assetchain, Bantu, Base, BNB, Ethereum, and Polygon, and is expected to roll out across partner exchanges and financial institutions starting in February. NGN-backed stablecoin provides a fresh opportunity for operators and users to access a stablecoin that enables them to make cross-border payments faster, cheaper and more secure.
