Hassan Maishera
On Friday, the Celo Foundation announced via X that cNGN, Nigeria's first regulated Naira stablecoin, is live on Celo, the most widely adopted network for stablecoin payments.
Backed 1:1 by Naira reserves, cNGN will power applications incl. lending, everyday payments, remittances and onchain FX with Textile Protocol.
cNGN is the 8th fiat-backed stablecoin to deploy on Celo in 8 days, following USAT and Ripio wFIAT deployments to bring the network to 32 stablecoins,
Celo Core Co. will begin the governance process to enable cNGN as a gas token, streamlining transactions and onboarding for users.
Crosschain FX liquidity network Textile FX is a day one partner, offering cNGN trades against Tether’s USD₮ on the network with institutional liquidity led by Tribeca Park Capital.
Developers can integrate Celo-native cNGN into their existing applications or build new applications with the Naira stablecoin.
Celo is a carbon-negative, permissionless blockchain with a rich ecosystem of global partners building innovative Web3 dapps to support a more inclusive financial system.
Accessible to anyone with a mobile phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack (the Celo platform), the CELO governance asset, and several Mento stable assets (cUSD, cEUR, cREAL) that enable real-world users to use digital assets.
The open-source Celo mainnet launched on Earth Day 2020. The Celo community passed an indicative on-chain governance proposal (temperature check) to have Celo migrate to an Ethereum layer-2. Google Cloud, Deutsche Telekom, Telefonica, and many others run validators on the Celo Platform.
Today, the Platform supports 1,000+ projects in over 150 countries that are building on Celo to help create the conditions of prosperity for all.
CELO is up 2% in the last 24 hours and currently trades at $0.06485.
