Naira-backed stablecoin cNGN launches on Celo network to ease cross-border payments
cNGN, the Naira-backed stablecoin, is now live on Celo's on-chain FX market, opening up the stablecoin to use cases in cross-border payments.
Naira-backed stablecoin cNGN has launched on the Celo network, offering a new method for instant cross-border payments and foreign exchange settlement. This integration enables users to swap cNGN for dollar-backed stablecoins like Tether’s USDT through Textile FX, a cross-chain liquidity network. The move aims to connect a naira-denominated digital asset with global stablecoin liquidity, providing fintechs and payment companies with a faster and cheaper alternative to traditional banking channels. cNGN is backed one-for-one by naira reserves held in Nigerian commercial banks, with the reserves also invested in treasury bills, money market funds, and fixed deposits.
As of August 7, cNGN had a circulating supply of about ₦2.5 billion ($1.8 million) and 8,216 holders. Celo plans to introduce a governance process to enable cNGN to pay transaction fees on the network, further enhancing its utility for everyday transfers and merchant payments.
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