A coalition of software firms recently launched what has been described as Nigeria’s first “compliant” stablecoin, cNGN. The stablecoin, which is now included in the Nigerian Securities and Exchange Commission incubation program, is reportedly live on two of the country’s only licensed digital asset exchanges.

Adedeji Owonibi, director of the stablecoin project, said it took his team three years to achieve this milestone. He also disclosed that the stablecoin is live on major blockchain protocols, including Assetchain, Bantu, Base, BNB, Ethereum and Polygon. According to the issuer, the stablecoin is “designed to improve capital market and financial operations in the digital age.”

The stablecoin initiative is the brainchild of Alphageek, Convexity, Interstellar and the Digital Currency Coalition, according to the cNGN website. These entities believe the launch will bring regulatory compliance and stability to Nigeria’s digital economy, according to a report. The Nigerian securities regulator’s reported approval of the stablecoin comes a few months after its director general vowed to speed up the licensing of digital asset entities.

Critics assert that the stablecoin, pegged to the naira, will struggle to gain traction because it is backed by a depreciating local currency. Many Nigerian digital asset users reportedly prefer the Tether stablecoin, USDT, because it is backed by the widely accepted U.S. dollar.

Some observers and participants in the Nigerian digital asset space, however, see the cNGN stablecoin as a tool that enables quicker cross-border payments. Senator Ihenyen, lead partner at Infusion Lawyers, told Bitcoin.com News that the cNGN stablecoin could be the catalyst the industry needs.

“An NGN-backed stablecoin provides a fresh opportunity for operators and users to access a stablecoin that enables them to make cross-border payments faster, cheaper and more secure. It also allows what I imagine would be seamless interaction between the traditional world of fiat and the emerging world of cryptocurrency,” Ihenyen said.

Meanwhile, the stablecoin team revealed that the cNGN will roll out across partner exchanges and financial institutions starting in February.

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