Crypto
cNGN Stablecoin Goes Live on Celo Blockchain
cNGN, Nigeria's first regulated naira stablecoin, has launched on the Celo blockchain. This marks a significant step forward for on-chain foreign exchange and payment solutions in Africa.
The cNGN stablecoin is pegged 1:1 to the Nigerian naira and is backed by reserves held at approved commercial banks. It will enable low-cost transactions for remittances, DeFi, lending, and everyday payments.
Textile FX has partnered with cNGN to facilitate swaps between the naira-backed stablecoin and Tether (USD₮), leveraging institutional liquidity provided by Tribeca Park Capital.