Nigeria’s government-backed stablecoin, cNGN, is proving that regulated digital money can gain traction fast. As of September 15, the token had about 602.9 million cNGN in circulation. It has already processed more than 75,000 on-chain transactions and seen a staggering 20.1 billion cNGN in total trading volume. In the last 24 hours alone, trading volumes crossed 164.4 million cNGN, highlighting the coin’s rapid adoption and liquidity.
This momentum coincides with new funding for its developer, Continental Stablecoin Inc. (CSI). The company has secured a strategic investment led by DeFi Technologies, alongside Coinbase Ventures, Adaverse, and other stablecoin industry players. The capital is aimed at scaling regulated local-currency stablecoins in Africa, with Nigeria’s cNGN serving as the flagship.
cNGN riding Nigeria’s crypto and stablecoin boom
Nigeria has long been at the centre of digital asset adoption. It is now the world’s number one market for stablecoins and ranks sixth in overall cryptocurrency usage, according to the latest State of Digital Assets Regulation in Africa 2025 report. The country counts more than 25.9 million digital asset users, with a penetration rate of nearly 12 per cent.
Stablecoins are the cornerstone of this adoption. For many Nigerians, they offer a way to escape naira volatility, preserve value in dollar-pegged assets, and streamline cross-border remittances.
The country’s monthly crypto transaction volumes regularly exceed billions of dollars, and stablecoins account for the majority of that flow. Their role in remittance corridors, peer-to-peer commerce, and even merchant payments has grown significantly, making Nigeria a natural proving ground for regulated digital money.
The government’s evolving regulatory approach has also helped. Earlier this year, Nigeria’s Securities and Exchange Commission formally recognised digital assets and tokenised instruments under the amended Investments and Securities Act 2025.
Similarly, the Central Bank of Nigeria has updated its guidelines for banks working with crypto firms, replacing years of restrictive rules with a framework that favours integration. This maturing environment is exactly what CSI is building for.
Building Africa’s stablecoin infrastructure
The cNGN stablecoin is issued by Wrapped CBDC Limited, a joint venture that includes blockchain firms such as Convexity, AlphaGeeks, and Interstellar. It is designed to deliver secure, transparent, and scalable digital payments across Nigeria and beyond.
Unlike purely speculative tokens, cNGN is already active. With over 600 million tokens circulating and billions in trading volume, it is being used for real transactions rather than just sitting on exchanges. That makes it a rare example of stablecoin infrastructure that is not theoretical but operational.
CSI’s investors believe this is only the beginning. “Stablecoins will form the backbone of modern financial systems,” said Andrew Forson, president of DeFi Technologies.
“We believe that locally regulated, purpose-built stablecoins like cNGN will unlock scalable, real-world use cases in payments, savings, and commerce, and we’re excited to support that future across Africa and beyond,” he added.
Forson’s comments echo a broader conviction among investors that regulated stablecoins are not just financial experiments. They represent a foundational layer for payments, treasury operations, and capital markets in both emerging and developed economies. By backing CSI, DeFi Technologies and its partners are positioning themselves at the heart of this transformation.
Nigeria’s role in digital finance is already global in scope. With its population of over 200 million, youthful demographics, and high internet penetration, the country has become a test bed for digital assets. Its crypto and stablecoin transaction volumes now rank among the highest in the world.
Yet challenges remain. Adoption at scale will depend on how seamlessly cNGN integrates into daily life. That means merchant acceptance, fintech partnerships, bank integrations, and user education. It also requires continued regulatory clarity and oversight to prevent abuse, ensure liquidity, and build public trust.
There is also the question of coexistence with other digital currency experiments. Nigeria already has the eNaira, its central bank digital currency, which has seen slower uptake. Whether cNGN and eNaira will compete or complement each other is still unfolding.
For now, cNGN’s early success is a milestone for Africa’s stablecoin journey. The combination of robust adoption, supportive regulation, and heavyweight investment suggests that Nigeria’s stablecoin experiment is gaining momentum at exactly the right time.
If CSI and its backers succeed, Nigeria could define the template for how regulated local stablecoins thrive in emerging markets. That would not just reinforce Nigeria’s position as a leader in digital finance but also reshape the way millions of Africans move, save, and spend money in the years ahead.