cNGN Trading Hits $11.5M Weekly Spot Volume Record

In Short

AfriFlux reported that native stablecoin spot trading reached a new weekly high in the week of 2 to 8 November. Most of the activity came from cNGN/USDT on BNB Chain, and one desk provided almost all the quotes.

What Happened: AfriFlux Data Shows cNGN Led Weekly Spot Trading

AfriFlux said $184,227,345 moved through the venues it tracks in the week of 2 to 8 November, down 1.5% from $186,979,987.

The report said native stablecoin spot volume hit an all time high of $11,502,470, up 292% week on week. AfriFlux described “native stablecoins” as local stablecoins such as cNGN and ZARP.

AfriFlux said 97.5% of the week’s native stablecoin spot volume was matched by one desk, Textile FX, at $11,218,204.

Within that, AfriFlux reported that cNGN/USDT on BNB Chain did $10,650,136 across 882 fills, and accounted for 92.6% of the week’s native stablecoin spot volume. AfriFlux said the same market did $2,554,809 across 390 fills a week earlier, and the average fill rose from $6,551 to $12,075.

AfriFlux also reported that cNGN minted $3,603,918 and burned $3,250,990. Minting means issuing new tokens. Burning means removing tokens from circulation. The report said cNGN supply still rose 10.5% to $3,674,739.

Why It Matters

The report shows that native stablecoin spot trading can be highly concentrated. In AfriFlux’s data, one market, cNGN/USDT on BNB Chain, and one desk, Textile FX, made up most of the week’s spot volume.

AfriFlux also flagged a split between value and activity in transfers. It said transfer volume rose 261% to $28,989,518 while transfer count fell 11.1% to 27,883, which it described as “desk-sized” money coming back. AfriFlux said spot was 39.7% of all native stablecoin movement, which it noted is a share of that number.