Stable Naira has announced the successful completion of the final audit of its stablecoin project for Nigeria. It represents a major feat amid the growing compliance measures related to crypto in the country.
The Nigeria-centric stablecoin project, Stable Naira (SNR), took to social media to announce this achievement. It has been revealed that it has completed its “complete and final audit” by CertiK, a blockchain security firm. The move comes as the firm aims to become a compliant and secure stablecoin pegged against the Nigerian Naira.
On X, the team noted, “We are excited to announce the complete and final audit of Stable Naira by CertiK with a score of 88.9% on code security.”The team added that its “SNR contracts remain safe and stable.” Moreover, they reminded users to check its public security profile.
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The CertiK Audit Revealed No Major Vulnerabilities
Stable Naira has a security score of 71.42 and a BBB rating, per CertiK’s Skynet dashboard. The audit overview also listed eight files that were audited, with a token scan score of 85.94. Though the platform identified many informational and minor problems but did not report any critical problems.
The dashboard also revealed that the project has yet to complete the CertiK team verification, integration with bug bounty, and verified contract status. For context, the data on the audit page also showed that the top 10 token holders hold about 86% of the supply. It is a level of concentration that is closely watched by investors while assessing governance and liquidity risks.
Stable Naira Focuses On ‘Compliance-First’ Approach
Stable Naira claims that its stablecoin platform was built with transparency of reserves and compliance with regulations. Every SNR token, the project’s website says, has “1:1 backing.” Further, they noted that their SNR stash was stored in segregated trust accounts in CBN-licensed Tier-1 banks.
The company also states that the reserves are “reconciled daily” and “attested monthly by an ICAN-accredited auditor. It says that this approach will help build confidence in how the token is backed.
Besides, Stable Naira has designed the asset from scratch to ensure compliance with Nigeria’s strong regulatory framework. It spotlighted features like “pause, freeze, seize, and a hard mint cap live directly in the contract.” On the website, it offers examples of these features as tools known to banks and regulators.
Furthermore, the stablecoin issuer also highlighted its cross-chain capability. It noted users can transfer SNR between 10 supported chains, obviating the need for wrapped tokens or bridge contracts.
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Why It Matters
Stable Naira’s announcement of the audit comes at a time when African stablecoin projects are under growing scrutiny. Authorities have asked them to demonstrate transparency of their reserves, security of operations, and regulatory compliance.
Nigeria is one of the African countries that has moved forward with significant compliance measures. Hence, such a step by Stable Naira could both attract institutional and retail users if it continues to share the proof of compliance.
