🟠 cNGN unlocks Nigeria’s short‑term debt with 21% returns

Tether partners with Zanzibar to advance blockchain education and stablecoin adoption

Topline: Tether has signed a memorandum of understanding with Zanzibar’s e-Government Agency (eGaz) to promote blockchain education and drive cryptocurrency adoption in the region. (Details)

Quick facts: As part of the initiative, Tether will support local institutions in integrating blockchain content into school curricula and offer stablecoin access through the government’s digital payments platform, ZanMalipo.

• Tether’s stablecoins — USDT and gold-backed XAUT — are also expected to be integrated into public services.
• Beyond infrastructure, the firm plans to co-host educational events with eGaz to raise awareness around digital assets.

Before now: In the past year, Tether has made moves to solidify its footing on the African continent via partnerships like this. 

• In the past year alone, it has signed similar MoUs with the governments of Guinea and partnered with regional crypto players like Quidax and NODO to expand education and access to digital assets.

Zoom out: Zanzibar joins a growing list of African governments exploring blockchain as a tool for governance and infrastructure.

• Recent examples include Tunisia’s diploma verification system and Mauritius’s blockchain-based eVerify service.

Xend Finance enables cNGN-powered access to Nigeria’s money market

Topline: Xend Finance, the African tokenization startup, has launched a feature that allows users to invest in Nigerian short-term securities using the cNGN, a stablecoin pegged to the Nigerian naira. (Details)

Quick facts: The feature, launched in partnership with AXA Finance, was showcased at a webinar highlighting real-world use cases for the cNGN.

• According to Xend Finance CEO Ugochukwu Aronu, the goal is to simplify access to local investments and create a clear path for foreign direct investment.
• International investors can swap USDT for cNGN through Asset Chain, a decentralized exchange also founded by Aronu.
• Once converted to cNGN, investors can channel funds directly into Nigerian money market instruments via the Xend Finance platform, bypassing the lengthy and complex process of acquiring naira from abroad.
• Aronu stated that returns on the platform can exceed 20% annually and that the system is already live, attracting liquidity.

Dive deeper: Aronu also pointed to broader use cases for the cNGN, especially in addressing liquidity fragmentation in Nigeria’s peer-to-peer market.

• With the stablecoin, users can now move their naira onchain and trade directly, without relying on off-chain intermediaries that are often prone to settlement delays and fraud.
• Asset Chain’s DEX is expected to launch soon, and data from the cNGN platform shows that over 36 million cNGN tokens have been issued so far, with more than half reportedly invested in the Nigerian money market.

Luno re-enters the Kenyan market after a decade-long hiatus

Topline: Cryptocurrency exchange Luno has announced the resumption of its operations in Kenya after a ten-year absence. Now, Luno’s Kenyan users can swap their Kenyan shillings for a host of cryptocurrencies directly on the platform. (Details)

• Luno previously operated in Kenya between 2013 and 2014 under the name BitX, but shut down due to banking restrictions on crypto-related businesses.
• The firm later rebranded in 2017 and expanded into other regions, including Nigeria and South Africa.
• In a statement to Mariblock, Luno’s Kenya country manager, Apollo Sande, said the exchange is returning now due to improved market conditions and growing demand.
• Kenya’s progress toward formal crypto regulation, including the upcoming Virtual Asset Service Providers (VASP) Bill, was a key factor in the decision.

Zoom out: Kenya is in the midst of reshaping its approach to digital assets.

• After introducing a controversial 3% tax on crypto transaction volume, the government is now proposing a more flexible 10% tax on transaction fees.
• Meanwhile, the VASP Bill, which passed a second reading in parliament on June 24, aims to regulate exchanges, require local licensing, and enforce compliance standards.

Stablecoins are becoming the backbone of digital finance — from cross-border payments to government policy. Each week, we track the most important developments shaping this evolving market for you.

1. One big thing: Circle moves to secure US banking license after IPO success

Circle has applied for a license to establish the second national trust bank in the United States, after its recent landmark IPO. This would enable the stablecoin issuer to act as a custodian for its own reserves, as well as for assets of institutional clients. (Reuters)

2. Big Chinese firms lobby the central bank for Yuan-backed stablecoins

JD.com and Ant Group are both pushing the Chinese Central Bank to permit the launch of Yuan-backed stablecoins to counter the dominance of their dollar-pegged counterparts. Both firms are already set to launch Hong Kong dollar-backed stablecoins as soon as local legislation comes into effect in August, and the sentiment is that China following suit is a strategic move to drive yuan internationalization. (CoinDesk)

3. Congress Republican leaders schedule “Crypto Week” for mid-July

House Republican leaders have announced a “Crypto Week” scheduled for July 14, during which Congress will consider a range of bills regulating stablecoins and other digital assets. This was confirmed by Speaker Mike Johnson, Financial Services Committee Chairman French Hill, and Agriculture Committee Chair Glenn Thompson, following the August deadline set by President Trump. (Decrypt)

➕ More stablecoin headlines

• AllUnity joint stablecoin venture secures license in Germany to launch MiCA-compliant Euro stablecoin
• Bank of Korea pauses CBDC trials as participating banks hold out for government stablecoin promise
• Paxos-issued USDG launches in the EU as stakeholders claim MiCA compliance

📢 The Mariblock OnChain conference is coming!

Mariblock is launching the OnChain Conference, a new flagship event focused on Africa’s blockchain future.

The inaugural edition will take place on September 10–11, 2025, at the Eko Convention Center in Lagos, in partnership with Busha.

This year’s theme, “The Next Wave,” will explore stablecoins, payments, FX, tokenized real-world assets, regulation, blockchain use cases, and the continent’s growing talent pipeline.

The speaker lineup and tickets will go live in July.
Join the waitlist for early access: mariblock.xyz/onchain-waitlist

Catch up

🇿🇦 South Africa’s first NFT marketplace, Momint, shuts down amid market pressures (Bitcoin.com)

🌍 EXPERT OPINION | ‘Africa is still not able to capture onchain value,’ says founder of Asset Chain, Xend Finance and WiCrypt (BitKe)

🇰🇪 Kenya scraps 3% digital asset tax after crypto lobbyist efforts (Mariblock)

That’s all for this week!

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Till next week,

Ogechi.