If you’ve been considering purchasing the cNGN, a Naira-backed stablecoin launched on February 3, this might be a good time to do so—not financial advice. A Nigerian crypto startup has recently added the stablecoin to its platform.
The landscape of blockchain payments is rapidly changing. Stablecoins are gaining traction, with significant payment volumes already recorded. They offer cost-effective operations across various blockchain networks and are becoming popular for remittances within Africa and potentially for intercontinental payments.
The introduction of stablecoins like cNGN opens up possibilities for seamless cross-border transactions, eliminating the need for traditional currency exchanges. However, to fully realize the potential of stablecoins, there is a need for increased collaboration between industry players, regulators, and developers.