The Africa Stablecoin Consortium (ASC) has had preliminary discussions with cryptocurrency exchanges Yellow Card and Roqqu to list CnGn, the first Nigerian stablecoin approved by regulatory authorities.

The stablecoin is already listed on Busha and Quidax, two Nigerian exchange platforms under provisional license. However, its expansion on pan-African platforms is crucial to achieving its goals for cross-border remittances and payments. Without the support of larger exchange platforms, CNGn's growth prospects may remain uncertain

Jason Marshall, chief operating officer of Yellow Card, welcomed ASC's regulatory approval under the SEC's Accelerated Regulatory Incubation Program (ARIP) in Nigeria, but highlighted the exchange's selective listing criteria. “We respect any project admitted to ARIP, but we are very selective about the cryptocurrencies we list,” he said

Yellow Card, which lists 14 tokens, including six stablecoins, evaluates projects based on market demand, financial support, and compliance. Marshall pointed out that issuers generally need to have at least 50 billion naira in reserves verified by a reputable firm before being retained

While the ASC presents CNGn as a gateway for African remittances, Marshall questions its national usefulness. “For Nigeria, I am not sure because the naira is already digital. Transfers are instant and inexpensive, but we are open-minded,” he said.