Mariblock Roundtable: Are local stablecoins the next big wave in crypto?
The discussion featured representatives from traditional investment platform Risevest alongside cNGN’s technical team.
In preparation for the Mariblock Onchain Conference 2025, Mariblock convened industry leaders to examine the growing role of stablecoins in today’s global economy and their potential to reshape financial accessibility across emerging markets.
“Stablecoins are eating the world,” American investor Anthony Pompliano once said. His exaggeration shows the pace at which the digital asset class has grown: once dismissed by traditional institutions, stablecoins are now powering global payments, wealth preservation in unstable economies, and instant cross-border transfers.
But while most of this growth has been dominated by the U.S. dollar—USD-backed stablecoins account for 99% of the market—new regional alternatives are beginning to emerge. Circle’s euro-pegged EURC has already crossed a $230 million market cap, and in Nigeria, the naira-backed compliant stablecoin (cNGN) is gaining traction.
The discussion featured representatives from traditional investment platform Risevest alongside cNGN’s technical team, embodying this cross-sector dialogue approach. Charles Okaformbah, technical lead for cNGN and CTO of blockchain solutions company Convexity, addressed criticism surrounding the need for naira-denominated stablecoins.
Okaformbah argued that direct naira-to-crypto conversion offers significant cost advantages over existing pathways.
“Moving from stablecoin to stablecoin is much easier and cheaper than from fiat to stablecoin,” he noted. “Converting naira directly to USDT involves high spreads and expenses. Having a native currency that moves without requiring fiat conversion first helps users save substantial money.”
The regulatory landscape presents ongoing challenges for local stablecoin projects. Okaformbah described navigating compliance as a delicate dance with authorities. “This space, especially if you want to operate properly, requires constant coordination with regulators. This isn’t a simple waltz but rather ballet, where you must stay on your toes with regulatory bodies.”
The cNGN team has maintained ongoing discussions with Nigeria’s Central Bank and Securities and Exchange Commission to ensure regulatory alignment. This careful approach appears to be yielding results, with Okaformbah predicting that other African nations, including Kenya and Tanzania, may soon launch similar local stablecoin initiatives.
Looking ahead, the cNGN project plans to expand beyond basic currency functionality into tokenized asset management and money market fund platforms, areas where early interest signals broader institutional appetite for blockchain-based financial infrastructure built around local currencies.
Why it matters
These developments underscore why conversations like the Mariblock Roundtable matter beyond academic interest. As local stablecoins move from experimental projects to operational reality, the questions raised about regulation, adoption, and economic impact require input from diverse stakeholders across traditional finance, technology, and policy-making.
The upcoming Mariblock Onchain Conference, scheduled for November 5-6, 2025, aims to expand this dialogue to include voices from across Africa and beyond. With local stablecoin projects potentially launching in multiple African markets over the coming months, the conference provides a critical platform for examining whether these digital currencies can truly democratize financial access or simply replicate existing inequalities in new forms.
