The Nigerian cNGN stablecoin has launched through an ASC affiliate, regulated by the SEC. It primarily involves fintechs and not banks. Users can buy the stablecoin directly or through exchanges. Its primary use case is for cross-border transactions amidst Nigeria’s economic challenges.

The cNGN stablecoin has been officially launched in Nigeria by an affiliate of the Africa Stablecoin Consortium (ASC), regulated under the Securities and Exchange Commission (SEC) as part of a Regulatory Incubation Program. Initially, the ASC had prematurely promoted the launch, which did not involve banks as initially expected, but rather involved a few fintech companies, including Busha, which is the first to list the cNGN token.

The cNGN stablecoin offers a regulated alternative to existing digital assets in Nigeria, which has seen increased cryptocurrency usage alongside a devalued local currency. While its use case includes cross-border transactions, it faces competition from established US dollar stablecoins. As cNGN enters the market, its performance will be crucial in determining its impact on Nigeria’s fintech landscape and digital economy.

Original Source: www.ledgerinsights.com