The Africa Stablecoin Network is attempting to do something Africa’s technology ecosystems have historically struggled with — bring innovators and policymakers into the same room before the future arrives.
In this conversation, Nathaniel unpacks why “the job of Bitcoin is complete,” how Nigeria became Africa’s first country to formally embrace stablecoins, and why the continent’s real advantage isn’t infrastructure, it’s talent…
Nathaniel, let’s take it back — everyone’s got that first “aha” moment that flips the switch. What was your first encounter with Web3, and what kept you coming back? Was it Bitcoin? The tech? A specific use case that just hit different? Walk us through the moment you realized Web3 wasn’t just tech — it was something that could change the game, especially on the continent. What was that spark for you?
Travelling across Africa and organising events and conferences made me realise the challenges of making payments when visiting or trading in another country. The hassle of changing currencies and converting them back to Naira when I returned to Nigeria was an experience I knew had to change. I remember a trip to Ghana where I had to change naira to cedis, and on my way back, change the cedis back to naira. I didn’t have access to a dom account in multiple currencies, which is a reality for many people. So, I had to have someone physically change the cash I had. There was a lot of this P2P, OTC kind of exchange going on at the time. However, with Bitcoin, I realized I could travel anywhere in Africa and the world without having to look for a place to exchange money before I could do anything meaningful. Now, with stablecoins, it is even more seamless and effortless. I came into this space purely for the technology and its potential to transform Africa’s payment system, and I have been here since.
You’ve had quite the journey — from product roles at platforms like Paxful to working as the COO at YDPay, to writing books like “Digital Is The Cash” and “Bitcoin is Cash,” and now leading the Africa Stablecoin Network. Each of these experiences must have taught you something different about what Africa actually needs from Web3. How did this journey shape your understanding of the space, and what was the evolution that led you specifically to stablecoins rather than sticking with Bitcoin or exploring other crypto narratives?
I have always believed in the utility of cryptocurrencies. Everything I have done in the space has taught me that cryptocurrencies can be useful in different sectors to solve payment issues. My books have also focused on the possibilities of cryptocurrencies. My role at ASN is primarily to lead people in the ideology of stablecoins and their potential to transform any ecosystem. I have come to see stablecoins like AI; the conversation is far beyond ChatGPT, just as it is beyond Bitcoin in the world of cryptocurrencies. For me, it is about how stablecoins can be used to transform healthcare, education, finance, etc.
At the Lagos Stablecoin Leadership Breakfast, you made a statement that definitely turned heads: “The job of Bitcoin is complete.” That’s a bold claim, especially in a space where Bitcoin maximalism is almost a religion for some. Can you unpack that for us? What did you mean by it, and how do you see Bitcoin’s role versus stablecoins’ role in Africa’s digital economy going forward? I’m curious about the thought process behind this shift in perspective.
When I said the job of Bitcoin is complete, I am not saying Bitcoin is dead or that it will not continue to proffer solutions to financial issues. No, Bitcoin will not disappear as stablecoins emerge; instead, its role will evolve. Just as financial systems have historically separated assets used for savings from those used for everyday transactions, the digital asset ecosystem is gradually developing a similar structure. Bitcoin is increasingly acting like digital gold: valuable, scarce, and widely respected as a long-term store of value, but not necessarily optimized for everyday spending. This kind of evolution is totally natural. Stablecoins serve as a medium of exchange, whereas Bitcoin can only serve as a store of value. Bitcoin has served its purpose of paving the way for stablecoins, and while it will continue to be used, its job is complete. The goal is stablecoins, and you can see that every Central Bank, government, and bank is now interested in stablecoins.
You’re now the President of the Africa Stablecoin Network. For readers who might not be familiar, could you walk us through what exactly the Africa Stablecoin Network is? What problem are you solving, what’s the vision, and what does your day-to-day actually look like in this role? Also, how did this organization come about?
Africa Stablecoin Network is a non-profit community of stablecoin policy makers, regulators, business owners, and other stakeholders in the space. We are committed to advancing the adoption and integration of stablecoins across Africa. We believe that stakeholder collaboration is essential to creating a thriving ecosystem that benefits all Africans. Our mission is to create a unified network for all stakeholders in the stablecoin industry, facilitating knowledge exchange, advocacy, and the development of robust infrastructures that support financial inclusion and economic growth. The organisation started to fill the need for community in the African stablecoin and payments industry. Our main activities include connecting our diverse communities, providing educational resources, and organizing exclusive events focused on the latest developments in stablecoins.
The Africa Stablecoin Network has been incredibly active, including the Nigeria Stablecoin Summit, the West Africa Stablecoin Summit, and regular leadership breakfasts with regulators and industry players. These aren’t just networking events; they’re policy conversations with real stakes. Can you share a specific moment or conversation from one of these events that really captured why this work matters? What’s a breakthrough moment that stuck with you?
One specific moment that has stayed with me was when the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, stated at the Nigeria Stablecoin Summit 1.0 that “Nigeria is open for stablecoin business…” Apart from the United States, Nigeria will be the second country in the world that I know of whose government regulators will come out and state their openness to stablecoins. For this momentous occasion to have taken place at the Nigeria Stablecoin Summit 1.0 was a breakthrough, and I look forward to more such moments at the Nigeria Stablecoin Summit 2.0 in July.
Nigeria recently became Africa’s first country to formally regulate stablecoins under the Investment and Securities Act 2025, and the SEC has expressed support for stablecoin businesses that operate within regulatory bounds. This is a massive shift from where things were just a few years ago with the CBN ban. How do you view Nigeria’s approach, and what lessons can other African countries learn from it? What role do conversations and convenings like the ones you organize play in this regulatory evolution?
With the SEC providing primary regulation for digital assets, the CBN driving payment system transformation, the NFIU strengthening AML compliance, the NDPC safeguarding data, and tax and enforcement frameworks evolving alongside the ecosystem, Nigeria is not lacking regulation. What is needed now is consolidation through a unified framework that aligns these efforts into a single national strategy for stablecoins and digital cross-border payments. With a unified framework for stablecoin regulations, we can set the pace for other African countries. The conversations we have at meetings like the Nigeria Stablecoin Summit will bring all industry stakeholders together to formulate policies that benefit all parties. That is why the Africa Stablecoin Summit is committed to organizing these events.
There’s often a tension in crypto between “move fast and break things” and “engage with regulators early.” You seem to lean heavily into the latter — organizing convenings, bringing stakeholders together, building bridges between innovation and policy. Some founders might see this as slowing down or being too conservative. How do you respond to that? Why is this approach important, especially in the African context?
Wealth creation should always follow policy, not the other way around. If you create value without policy creation, a policy can still come up afterwards to scatter everything. Smart builders understand the importance of putting all safety precautions in place while building, not after it’s completed. Trying to implement policy after innovation is damage control. We must get policies right. We have innovative people in Africa who are building great things. Therefore, we must ensure that policies do not disrupt this creativity in the future. The West understands the importance of policy, and it is one of the things that separates them from Africa. It is time that we begin to get it right here, too.
You’ve mentioned that you are building for people who view stablecoins as a mainstream financial tool and not a “niche interest.” People who view it as a necessity for economic survival… For readers who might still see crypto as speculative or disconnected from real problems, can you paint a picture of what stablecoin adoption actually looks like on the ground? What are the real-world use cases you’re seeing that get you most excited?
Stablecoins allow us to play in the global economy. With stablecoins, you can work remotely and earn in foreign currencies without any hitch. You can work in Nigeria and earn from a company in Sweden or Switzerland. For the first time, we can trade and do international business without any issues. When international trade continues, wealth will be created.
There’s often a gap between “crypto people” understanding the value proposition and everyday Africans actually using these tools. What do you think about user education and adoption? What needs to happen for stablecoins to move from a tool for crypto-savvy individuals to something ordinary Africans use without even thinking about it? And how does the Africa Stablecoin Network contribute to closing that gap?
Africa Stablecoin Network is offering free insights into the world of stablecoins through our events for anyone who wants to be in on the future of money. It is one of the reasons why the Nigeria Stablecoin Summit 2.0 is free to attend. We want to ensure that anyone who wants to learn can easily access it. Adoption occurs at different levels and layers, and one emerging layer is people who use stablecoins without realizing that the infrastructure powering their transactions is stablecoins. Many people are already using stablecoins without even realizing it. This multi-layered use of stablecoins is what we can expect to see more of. I believe we will see stablecoins primarily used on the B2B layer, where end users will not even know they are being used in the transaction.
There’s a common critique that Africa is a huge consumer of crypto technology but doesn’t create enough of it — we import solutions rather than building our own. Do you agree with that assessment? If so, what needs to change?
I do not agree with this assessment. Crypto technology was not created to be solely owned by a group of people. So, there is no African or US crypto. There are several platforms built on several technologies without any issues. Take AWS, for instance: Netflix and Prime Video can be hosted on the technology without any problems. People generally play to their strengths, and while we might not be building infrastructure in Africa, we bring a unique supply of talents to the space. Our strength is our talents and youthful population. We have a large number of people who work in crypto technology and earn from it. You cannot expect us to try to compete with China yet, for instance, which has been manufacturing tech products for ages. However, we can focus on our talents because we can supply more than any other continent. That is why you will see many talent-based talks and training sessions in this part of the world.
We’ll wrap it here. My key takeaway from exploring your journey is that the Africa Stablecoin Network isn’t just advocating for stablecoins — you’re building the connective tissue between innovation and institutions, between builders and policymakers, between vision and viable systems. One conversation, one summit, one policy brief at a time…
Thank you for sharing your story with us and for taking the time to walk us through your work, Nathaniel.
If there’s a single theme that runs through Nathaniel’s work, it’s this: technology alone does not build systems. Coordination does.
By convening regulators, founders, and financial institutions in the same room, the Africa Stablecoin Network aims to ensure that Africa’s digital financial future is not shaped solely by external forces or imported systems, but by conversations happening on the continent itself.
Whether stablecoins ultimately become the backbone of Africa’s next-generation payment rails remains an open question, but what’s clear is that the conversation is no longer theoretical.