Quidax Lists Nigeria’s First Regulated Stablecoin Amid Market Shift
TLDR
- Quidax, a Nigerian crypto startup with a provisional license, has listed cNGN, Nigeria’s first regulated stablecoin pegged to the naira
- The March 12 listing follows a similar move by Busha, another provisionally licensed exchange
- The stablecoin is gaining traction as a potential tool for payments, transfers, and trading
Quidax, a Nigerian crypto startup with a provisional license, has listed cNGN, Nigeria’s first regulated stablecoin pegged to the naira. The March 12 listing follows a similar move by Busha, another provisionally licensed exchange, marking a shift in Nigeria’s approach to crypto regulation.
With Nigeria’s Securities and Exchange Commission (SEC) overseeing the rollout of cNGN, the stablecoin is gaining traction as a potential tool for payments, transfers, and trading. Since its launch in February 2024, the African Stablecoin Consortium (ASC)—comprising Convexity, Alpha Geek Technologies, Digital Currency Coalition, and Interstellar—has reported 121.3 million cNGN in circulation across 127 holders.
WrappedCBDC Ltd, the entity managing cNGN’s adoption, requires exchanges to meet reserve management standards before listing the stablecoin. However, some crypto traders question the necessity of cNGN because fiat naira is already available on major platforms. The ASC aims to increase cNGN’s adoption, particularly on decentralized exchanges that have delisted the naira.
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Key Takeaways
Nigeria’s crypto market is evolving under regulatory oversight, with cNGN emerging as a key experiment in stablecoin integration. While skeptics question its necessity, its success depends on whether it can offer advantages over traditional naira transactions and gain traction among traders. The stablecoin’s expansion to more exchanges and its use in remittances will determine its role in Nigeria’s digital currency landscape. If adoption grows, it could provide a model for regulated crypto assets in Africa.
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