Stablecoins represent one of the most significant growth vectors in the digital asset ecosystem. As programmable, borderless, and blockchain-native representations of fiat currency, they are rapidly transforming global payment rails, treasury operations, and remittance flows — particularly in emerging markets where financial access and currency volatility remain acute.
Nigeria now ranks first globally in stablecoin adoption and second in overall digital asset usage, with over 25.9 million users and a penetration rate of 11.9%, according to the 2025 Report on the State of Digital Assets Regulation in Africa. This surge is driven by individuals and businesses seeking to hedge against naira volatility, preserve value in USD-pegged assets, and streamline cross-border payments. At the same time, Nigeria’s regulatory landscape is rapidly maturing: the Securities and Exchange Commission of Nigeria has formally recognized digital assets, virtual assets and tokenized instruments as securities under the amended Investments and Securities Act 2025, and the Central Bank of Nigeria has issued updated guidelines for banking relationships with cryptocurrency firms, replacing earlier restrictions and signaling a shift toward formal integration of digital asset platforms.
CSI is building exactly what this environment demands: a next-generation stablecoin framework that aligns with Africa’s evolving regulatory priorities and meets the practical needs of banks, fintechs, and retail users. These developments reinforce Nigeria’s leadership in digital finance and the strategic importance of investing in trusted, compliant stablecoin infrastructure across the continent.
The cNGN stablecoin is issued by Wrapped CBDC Limited, a joint venture between some of Africa’s leading blockchain infrastructure and solution architecture companies (including Convexity, AlphaGeeks and Interstellar). It aims to enable secure, transparent, and scalable digital payments across Nigeria and beyond.
As of September 15, 2025, the cNGN stablecoin has ~602.9 million tokens in circulation, reflecting robust early traction. To date, cNGN has processed over 75,000 on-chain transactions and more than 20.1 billion cNGN in cumulative trading volume, with ~164.4 million cNGN in 24-hour volume as of September 15 2025, underscoring its role as a fast-emerging pillar of Nigeria’s regulated digital asset ecosystem. These milestones demonstrate that cNGN is not theoretical infrastructure but an active and growing network with real-world adoption, making DeFi Technologies’ investment both timely and strategic.
“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.”
This investment underscores DeFi Technologies’ conviction that regulated stablecoins will serve as the foundational layer for next-generation financial services, from local payment systems to cross-border settlement and decentralized capital markets. cNGN’s early traction is backed by its on-chain transaction activity.
By partnering with innovators like Continental Stablecoin Inc. and Convexity Technologies, DeFi Technologies continues to position itself at the intersection of compliance, infrastructure, and innovation, unlocking long-term value across emerging and developed markets alike.
About Valour
Valour Inc. and Valour Digital Securities Limited (together, “Valour”) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies. For more information about Valour, to subscribe, or to receive updates, visit valour.com.
About Stillman Digital
Stillman Digital is a leading digital asset liquidity provider that offers limitless liquidity solutions for businesses, focusing on industry-leading trade execution, settlement, and technology. For more information, please visit https://www.stillmandigital.com
About Reflexivity Research
Reflexivity Research LLC is a leading research firm specializing in the creation of high-quality, in-depth research reports for the bitcoin and digital asset industry, empowering investors with valuable insights. For more information please visit https://www.reflexivityresearch.com/
About Neuronomics AG
Neuronomics AG is a Swiss asset management firm specializing in AI-powered quantitative trading strategies. By integrating artificial intelligence, computational neuroscience and quantitative finance, Neuronomics delivers cutting-edge solutions that drive superior risk-adjusted performance in financial markets. For more information please visit https://www.neuronomics.com/
