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cNGN's Base-chain supply jumped 1M to 2.03B naira in a single day, then sat flat. The compliant stablecoin's entire history is an institutional placement, not adoption.
Source: DIA on-chain data
cNGN, Nigeria's SEC-incubation naira stablecoin, added about 2.03 billion naira of supply on Base in a single day (30 July 2026) and then held flat for two weeks. The token has 24 holders. This is issuance placed by a few wallets, not a market discovering the coin.
Live DB read (2026-08-13), cNGN Base leg:
Total cNGN across chains is 2.59B naira, about $1.6M at prevailing rates. Holder count: 24. Base carries 78% of the total.
Nigeria is the poster child of stablecoin demand: a 2024-25 survey put crypto ownership at 73% of respondents, the highest of 18 countries surveyed, and the naira has lost ground against the dollar for years. Yet the compliant, regulatory-incubation stablecoin launched to serve that market has 24 holders and a supply that barely moved for two weeks after a single institutional placement. The pattern mirrors Turkey and Argentina: local, licensed, compliant issuance does not capture the local market. The demand runs through USDT on Tron instead, where the rails are informal and the dollar exposure is direct. cNGN is a legal lane with no traffic. The single-day 2 billion naira placement is the tell: the supply went up because an issuer-side wallet placed it, not because users came.
- cNGN total: 2.59B NGN across 8 chains, 24 holders. - Base leg: 2.03B NGN (78% of total). - Issuer: WrappedCBDC Ltd under Nigerian SEC Regulatory Incubation Program. - Launch: February 2025 (Africa Stablecoin Consortium).