"Stablecoins are brilliant, especially in Africa. They solve cross-border payment issues and remittances, which can cost up to 20% in Africa. At a company I'm the Co-Founder of, Xago, we’ve built stablecoins for 6 different currencies (USD, ZAR, Euro, AUD, Pound and NGN), sending transactions in seconds for pennies," said Sonya Kuhnel, the managing director and co-founder of Bitcoin Events, in an interview with Business Report executive editor Philippa Larkin on Friday.
The interview was held a week before Bitcoin Events upcoming virtual Strategic Bitcoin Reserve Summit. Bitcoin Events hosts several Web3 events including Africa’s first and largest blockchain conference, the renowned Blockchain Africa Conference.
The inaugural event is testing the waters for discussions around Bitcoin as a national asset and is also a sign how far digital currencies have progressed as they transform the financial landscape in the move away from fiat money. Fiat money is government-issued currency.
Kuhnel, an entrepreneur and educator in the blockchain and cryptocurrency sectors, said that inspired by US developments it’s the first time their company is tackling this theme, with speakers from the United States leading the charge on state-level Bitcoin reserves.
"Bitcoin’s king for value storage, but stablecoins solve payments. Our summit showcases these global trends to educate Africans on opportunities and challenges," she added.
Regulation’s key, though, "South Africa’s classified crypto as a financial product, but we need more clarity."
She explained that the US is ahead in regulation of stablecoins, embracing Tether and Circle. Bitcoin’s a store of value, up 628 782% in 10 years, but stablecoins are for payments.
Kuhnel emphasised that stablecoins drive digital inclusion in payments and is already becoming a game changer for Africa with one of the highest adoption rates in the world.
What is stablecoin?
According to the World Economic Forum (WEF), a stablecoin is a type of cryptocurrency that is pegged to a specific reserve asset. By being linked to an underlying asset, stablecoins can maintain a steadier value, making them a more reliable medium of exchange than other volatile cryptocurrencies.
"Stablecoins are issued with a promise to keep a value that is stable relative to an external anchor," noted a WEF white paper on digital currencies. Total transfer volume of stablecoins hit $27.6 trillion (R483trl) last year, surpassing the combined volume of Visa and Mastercard transactions in 2024, the WEF noted.
Building a Crypto Ecosystem
Kuhnel explained in the interview that she started getting into the Bitcoin space in 2013. In 2014, Kuhnel co-founded Bitcoin Events with Theo Sauls. This emerged as a result of their early adoption of bitcoin and their strong belief in the transformative potential of blockchain technology. With a keen focus on addressing challenges - such as financial inclusion, economic development, and job creation - they recognised the need for education and information on blockchain technology and cryptocurrencies in the region.
She said in terms of representation at Bitcoin Events, 75% of their audience is African, of which 70% is South African. There was also a tremendous amount of interest from the US and from the UK in what’s happening in South Africa. Investors are looking at setting up in Africa, because there’s a tremendous amount of untapped potential for them to capture this market, because they do know that cryptocurrency adoption is one of the highest in Africa currently. Kuhnel said the choice was basically between South Africa, Kenya, and Nigeria.
On the other hand, in South Africa there’s good infrastructure - a lot of world-class people who understand this space very well. South Africa has clear regulation, which is a massive benefit, so that they can operate in a clear, regulated framework. So we’re seeing companies like Bitget, the biggest copy-trading platform in the world, now entered Africa.
South Africa’s Growing Appeal
South Africa, she noted, is increasingly attractive to international companies due to its talent pool, infrastructure, and pro-regulatory stance. Firms like Bitget, Solana, and the Stellar Foundation are setting up operations, seeing Africa as an untapped market with high crypto adoption rates. Kuhnel highlighted that recent geopolitical tensions between the United States and South Africa are impacting the local industry. When engaging with potential US delegates about South African Bitcoin Events, she encountered growing scepticism from American contacts, who increasingly view South Africa as a risky or marginal player in the global cryptocurrency landscape. This perception is a frustrating obstacle, particularly given South Africa’s well-established expertise and innovation in the financial technology sector.
Despite this, Kuhnel said in the past two months there has been increased interest in the Bitcoin Events she runs. "We’ve got the banks phoning us and asking us to be part of these events again, whereas I would say for the last three years, they’ve shown no interest because they were waiting for clear regulation. Africa is very much focused on financial institutions, like banks and regulators. It’s become quite corporate and not really a community-based event anymore. It’s for financial institutions to showcase how they can benefit from this technology for payments, for trade supplements, for tokenisation of assets, and also for stablecoin usage."
Bitcoin Goes Mainstream
Kuhnel reflected on the journey of Bitcoin adoption she first started in 2013 to current events in 2025. "It’s crazy to think where we are now. We were talking about how Bitcoin would be used for financial inclusion and how to incorporate faster payments so that people in Africa could be part of the economy if they don’t have a bank account. I never envisioned that a country like the US would be doing what they’re doing now. In fact, last year, Donald Trump went to a Bitcoin conference in Las Vegas, and he was one of the keynote speakers. He said that they want America to become the crypto capital of the world. That was the first time I heard this, and I was like, this is huge."
Kuhnel said in the past six months, she had become particularly interested in geopolitical and economic global development. "Then Senator (Cynthia) Lummis came out last year, talking about the Bitcoin Act, about how they want to start acquiring Bitcoin in the strategic reserve. Only a few months ago, no one wanted to talk about Bitcoin, and now suddenly we have a 360-degree shift. It’s just crazy how quickly it’s changed."
On a personal note, Kuhnel observed that Bitcoin made one start questioning the existing world and the dynamics that we’ve had for the last 100 years: why are things the way they are?, is it working? and why should it change? "This is why I do appreciate what Donald Trump is doing to some extent, because he’s shaking it all up and saying, we’ve had enough of this. I agree. The world is changing very fast because of him. But I do feel that was the shake-up needed," she added.
Geopolitics and Bitcoin Mining
Geopolitics are also at play. "Before 2021, Bitcoin mining in China was 75% of the hash rate was coming from China. I remember thinking, this is huge, because they have a massive influence on the Bitcoin protocol by having so much power over the hash rate, having 75% of the Bitcoin mining capability," she said.
In cryptocurrency and blockchain technology, a hash rate is a measure of how many calculations or hashes a mining rig (or network) can perform per second. It’s a crucial metric for understanding the computational power and security of a blockchain network. "Then they, in my opinion, did such a stupid move - they banned Bitcoin and Bitcoin mining. A lot of the Bitcoin mining went underground, and so now the Bitcoin mining has moved out of China. They went to the US. There are now many companies in America and Canada doing Bitcoin mining. Bitcoin mining also keeps popping up in the conversations," she said.
Of note, in March, Trump also announced a Bitcoin mining venture with Hut 8, a publicly traded Bitcoin mining company. This as the Trump family crypto portfolio is already worth an estimated $1 billion, according to a Bloomberg analysis based on data from public records. Kuhnel said she has followed this development "very closely". She said they know how important it is for a country to have Bitcoin mining power in America, because then they have a say in the Bitcoin protocol eventually, because they own a lot of the hash rate, and the power stays within that country. So I think they are leading the race with Bitcoin mining."
Looking Ahead
Looking ahead, Kuhnel is enthusiastic about the upcoming virtual Strategic Bitcoin Reserve Summit, where speakers will delve into Bitcoin’s evolving role and its potential as a global reserve currency. A key discussion will weigh whether Bitcoin or gold holds greater strategic value as a reserve asset for nation-states, considering stability, liquidity, and geopolitical implications.
As these conversations happen locally, in America the Security Exchange Commission's Crypto Task Force too is ponderting the way ahead with a series of webinars, and as regulation and bills will open up the crypto landscape.
Kuhnel has charted her journey in cryptocurrency since 2013, and now, in 2025, the foundations of this transformative industry are firmly in place. The crypto landscape is evolving at breakneck speed, driven by global innovation and ambition. With the US pushing for clearer crypto regulations, 2026 is poised to accelerate institutional adoption, shaping the future of digital assets worldwide. Through her insights, Kuhnel illuminates the possibilities that lie ahead, inspiring us to envision a world where blockchain redefines finance and opportunity.
Philippa Larkin is the executive editor of Business Report.
*** The views expressed here do not necessarily represent those of Independent Media or IOL.
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