CBDC News

Will Nigeria Move to Stablecoins?

The Central Bank of Nigeria (CBN) has formed a task force to explore adoption of stablecoins. It is doing this in the context of the eNaira, which is proving unpopular.

Total transactions since its launch in 2022 comes to just over 850,000 transactions. Google Play and Apple stores no longer offer the eNaira app.

Visa Pilots Consumer Stablecoin Payments

Visa is running pilot trials to allow businesses and platforms to send payments directly to recipients’ stablecoin wallets, instead of sending to a card or bank account, using US dollarbacked stablecoins.

Businesses that use Visa Direct can fund payouts in fiat currency, while recipients can choose to receive their funds in dollarbacked stablecoins such as USDC.