StableNaira PriceSNRInactive

What is StableNaira (SNR)?

StableNaira (SNR) is a fiat-collateralized stablecoin designed to track the value of the Nigerian Naira (NGN) on a 1:1 basis. According to its project documentation, every SNR token in circulation is backed by Naira reserves held in segregated accounts with licensed Nigerian banking partners, with reserves independently audited and each mint or burn tied to verified bank movements. The token is deployed on BNB Smart Chain as an upgradeable ERC-20 (BEP20) contract; the project's launch announcement also lists Ethereum and Base. It features built-in compliance controls, native cross-chain interoperability, transparent reserve attestation, and bank-rail-integrated minting and redemption. StableNaira positions itself as regulator-aligned digital payments infrastructure for instant, low-cost payments, remittances, savings, and programmable commerce across Nigeria and Africa. According to the project's launch announcement, SNR is available on BNB Chain, Ethereum, and Base. Trading activity has been very limited; one tracker (LiveCoinWatch) records its last traded date as June 26, 2026, and market data providers show minimal volume.

Key Specifications & Tokenomics

• Name: StableNaira
• Ticker/Symbol: SNR
• Blockchain / Network: BNB Chain (BNB Smart Chain / BEP20); described as an upgradeable ERC-20
• Contract Address: 0x6B6f93a12705b6eB60490A8b8a9aC15b3B1ce0f2
• BSC Address: 0x6B6f93a12705b6eB60490A8b8a9aC15b3B1ce0f2
• Token Standard: Upgradeable ERC-20 (BEP20 deployment)
• Category: Stablecoin; Asset-backed Token
• Peg: 1 SNR = 1 NGN
• Total Supply: 45,144,879 SNR (CoinMarketCap)
• Circulating Supply: 45,144,879 SNR (CoinMarketCap)
• Max Supply: Not specified in CoinMarketCap's registry data
• Launch Date: May 5, 2026 (CoinMarketCap registry); CMC listing date: May 13, 2026
• Audits: CertiK completed a full and final audit of the SNR contracts, with a code-security score of 88.9% (per the project's announcement)
• Official Website: https://stablenaira.com
• Whitepaper / Docs: https://docs.stablenaira.com
• Source Code: https://github.com/stablenaira
• Tags: BNB Chain Ecosystem
• DEX Mode: Enabled

Who created StableNaira?

Sir Mapy is identified as the founder of Stable Naira (SNR) in the SMC Researchers launch report and in project explainer videos; he publicly addressed the post-launch oracle misconfiguration. The project is described as being developed within the broader SMC DAO ecosystem, and its LinkedIn company page lists it under Banking with 2–10 employees as a partnership. The protocol is also described as being built by the StableNaira Development Team as a public good for payments, remittances, savings, programmable commerce, and cross-border value transfer. A separate source (Bitget) describes SNR as a community-initiated experimental token with a pseudonymous founder, so team disclosures should be verified independently.

How does StableNaira work?

StableNaira operates as a fiat-collateralized stablecoin intended to maintain a 1:1 peg to the Nigerian Naira. According to the project, reserves are held in segregated trust accounts at CBN-licensed Nigerian banks and are independently audited, with every mint or burn tied directly to verified bank movements. The token is implemented as an upgradeable ERC-20 on BNB Smart Chain, incorporating built-in compliance controls and bank-rail-integrated minting and redemption. The project also describes native cross-chain interoperability, and its launch announcement lists Ethereum and Base alongside BNB Chain. In practice, users would acquire SNR and use it for transfers, payments, or savings, while redemption depends on the issuer's bank-integrated processes. Shortly after launch, an oracle misconfiguration caused SNR to trade far above its intended peg before retracing sharply; the founder publicly acknowledged the error and stated that SNR was never intended to trade above its peg. Because reserve and governance mechanisms have been described differently across sources, the exact operational details remain a point of due diligence for prospective users.

What makes StableNaira unique and valuable?

StableNaira's core proposition is a blockchain-based representation of the Nigerian Naira aimed at payments, remittances, savings, and programmable commerce across Nigeria and Africa. Its stated differentiators include 1:1 backing by audited Naira reserves in segregated accounts, transparent reserve attestation, compliance controls embedded in the token, bank-rail-integrated minting and redemption, and cross-chain interoperability. The project also emphasizes regulatory alignment, describing itself as regulator-aligned digital payments infrastructure. For users in the Nigerian and broader African market, a Naira-pegged token could reduce friction in cross-border value transfer and enable on-chain commerce denominated in local currency. At the same time, the value proposition depends heavily on credible reserve custody, audit transparency, and sustained liquidity, areas where independent verification remains important.

What is StableNaira used for?

According to project materials, SNR is intended for instant, low-cost payments, remittances, savings, programmable commerce, and cross-border value transfer across Nigeria and Africa. As a Naira-pegged asset, it aims to provide a stable value medium on-chain, allowing users to hold or transact in a token conceptually linked to the Naira without directly using traditional banking rails for every transfer. The token's cross-chain availability, including its announced presence on Ethereum and Base, is presented as a way to extend its reach across ecosystems. Secondary descriptions also frame SNR as a payment tool or stable value medium linked to the Naira. Actual utility depends on adoption, merchant and platform support, and the reliability of minting and redemption channels.

How Is the StableNaira ecosystem developing?

The StableNaira ecosystem is presented as expanding across multiple blockchains, with its launch announcement listing BNB Chain, Ethereum, and Base, alongside documentation on adding the various SNR tokens. The project maintains a presence on X (@stablenaira) and has explainer content on YouTube, including videos titled "StableNaira SNR Explained – Nigeria's New Stablecoin" and "What Is Stable Naira (SNR)?". CoinMarketCap hosts a community badge, community, and holders sections for the token, and the project is categorized as a stablecoin and asset-backed token on data platforms. However, market data providers report limited or halted trading activity, and exchange listing status varies by source, indicating that ecosystem development and liquidity remain early-stage or uncertain.

How to mine StableNaira?

StableNaira is not a mined cryptocurrency. It is issued as a fiat-collateralized stablecoin, meaning tokens are minted and burned in connection with verified bank movements rather than through proof-of-work mining or block rewards. According to the project, every mint or burn is tied directly to verified bank movements, with reserves held in segregated accounts and independently audited. As a result, there is no mining process for users to participate in. Any acquisition of SNR would occur through supported venues or redemption channels rather than through mining hardware or staking rewards, and no public staking mechanism has been described in the available materials.

How to keep your StableNaira Coin safe?

Because SNR is deployed on BNB Smart Chain as a BEP20 token, standard self-custody practices apply. Users should store tokens in a reputable wallet that supports BNB Chain assets, safeguard private keys and seed phrases offline, and avoid sharing sensitive credentials. Before interacting with any contract, verify the token contract address 0x6B6f93a12705b6eB60490A8b8a9aC15b3B1ce0f2 on BscScan or Binplorer to avoid impostor tokens. Because the token includes upgradeable and compliance-related features, users should review the project's documentation and audit references. CertiK completed a full and final audit of the SNR contracts, with a code-security score of 88.9% (per the project's announcement). Given reports of halted trading and limited liquidity across trackers, anyone considering SNR should also assess market and redemption risks carefully and only use funds they can afford to lose.