cNGN, the Naira-backed stablecoin issued by private company WrappedCBDC, has launched on the Celo blockchain, opening a new channel for instant foreign exchange (FX) settlement and cross-border payments using digital tokens. A stablecoin is a digital currency pegged to the value of a fiat currency, such as the US dollar or naira. According to the company, cNGN is backed one-for-one by naira reserves held in Nigerian commercial banks. Celo extends that work into one of the deepest stablecoin ecosystems, where cNGN now sits alongside more than 30 other stablecoins.” “Bringing cNGN to Celo puts the regulated Naira stablecoin on rails where transfers cost a fraction of a cent and settle in an instant, on a network powering payments for millions worldwide.”