Asset managers, banks consider stablecoin services

Banks and asset managers are exploring the potential of stablecoin services in Nigeria, as the adoption of digital assets expands in the country. According to Buchi Okoro, Co-Founder and CEO of Quidax, the financial institutions are considering offering stablecoins and other digital asset services to their customers. This shift could move digital assets beyond individual cryptocurrency traders and into mainstream financial services such as cross-border payments, business transactions, and international money transfers.

Quidax is positioning itself to provide infrastructure and regulatory support for financial institutions and businesses entering the market, with a focus on compliance, transparency, and customer trust. The interest in stablecoins is driven by the growing use of dollar-pegged digital assets for foreign currency transactions and cross-border payments in Nigeria, where they are increasingly being utilized due to naira depreciation, inflation, and limited access to foreign exchange.

Brief written by urgent.news from Punch's own syndicated text. Machine-written — may contain errors; check the original before relying on it.