Investigation in active drafting. Full address chain attribution complete; piece publishes May 2026.
WrappedCBDC issues cNGN — the SEC-regulated naira stablecoin. The full mint authority sits behind a three-signer multisig treasury. We've mapped all three signer addresses, the cross-chain deployment pattern, and the downstream venues that receive cNGN directly from the treasury.
The three signers
The treasury operates as a 3-of-3 multisig. Each signer controls one of three keys; every mint requires all three signatures. The signer addresses are documented but not yet published in this stub — full address attribution lands with the May 2026 release.
Cross-chain footprint
cNGN deploys on five chains, with substantial supply imbalance:
- Base (₦11.4B): the dominant chain · payment-rail behavior
- BSC (₦3.6B): active minting cadence · Busha B2B partnership
- Ethereum (₦894M): reserve · low movement
- Polygon (₦12K): dead deployment
- Solana: deployed, no flow
The same-key signature visible across these deployments suggests Fireblocks-managed custody (similar to the pattern on Quidax). One control surface, five chain footprints.
Downstream attribution
cNGN flows directly from the treasury to two mapped venues we have full attribution for:
- Busha (BSC): ₦66M minted via the B2B forwarder partnership
- Direct user wallets (Base): the largest distribution channel
The piece will trace the full cNGN distribution chain from treasury → CEX/B2B → end user, including the burn destinations on Base.
"The interesting story isn't 'who controls cNGN' — that's clear from the multisig. It's 'where does cNGN actually settle' — and the answer is the same place all African stablecoin volume settles."
Full piece + address attribution publishes May 2026.