The African Stablecoin Alliance clarifies: Nigeria’s compliant Naira stablecoin cNGN will not be open to the public in February

Last week, the African Stablecoin Consortium (ASC) announced plans to launch a compliant naira stablecoin, cNGN, on February 27. While it stated that the stablecoin was part of the sandbox, the news was widely interpreted as a public release. This week, the ASC, which consists of banks, fintechs and blockchain companies, clarified that the February date is just the beginning of sandbox activities. cNGN will not be open to the public. It is reported that the alliance consists of four banks, including Access Bank, Nigeria’s largest bank, and the other banks are Sterling Bank, Provideus and First Bank. They have yet to formally confirm their participation. (Ledger Insights)