Nigerians are investing with cNGN stablecoin. Regulators say this is risky
When Asset Chain, a Nigerian blockchain company, launched a money market product through its affiliate crypto investment app Xend Finance in May, it marked a shift in how stablecoins are used in Africa’s largest crypto economy. For years, digital tokens pegged to fiat currencies have been treated primarily as payment instruments. Now, Xend Finance is turning them into a channel for investment returns. The company’s money market product is powered by the cNGN, the naira-backed stablecoin issu...