Ukrainians Received USDC Relief From United Nations

The USDC stablecoin, a stablecoin developed by Circle and Coinbase and backed by dollars and short-term U.S. Treasury securities, will soon be used by the Office of the U.N. High Commissioner for Refugees (UNHCR) to provide assistance to displaced Ukrainians through digital wallets that operate on the Stellar network.

According to a recent press release, the UNHCR has started a program to send USDC to Ukrainians affected by Russia’s invasion of the country using the Stellar blockchain.

Using USDC on Stellar would enable displaced individuals to obtain funds more quickly while lowering their vulnerability to loss or theft while in transit. Karolina Lindholm Billing, the UNHCR representative in Ukraine, stated:

“Ukraine is a global lead in the development of technical solutions to increase access to social protection, including assistance for displaced people. Across the world, UNHCR has been collaborating for years with the tech sector, which has played a crucial role in helping us to renew to deliver assistance faster, as speed is of the essence in humanitarian action. It’s also essential to provide people with a range of options for receiving aid, as one size does not fit all.

Programs need to be designed with the people they are meant to serve at the centre. I am very pleased that UNHCR and the SDF have chosen Ukraine for this launch, and look forward to expanding it beyond this pilot, so it can benefit many thousands more people in need of assistance as a result of the war.”

The funds can then be taken by Ukrainians and exchanged for dollars, euros, or other currencies through MoneyGram outlets worldwide. 4,500 such spots in Ukraine can be utilized.

People must download the Vibrant cryptocurrency wallet application in order to receive money. They will receive USDC via it, which they can swap on their accounts. Together with the Stellar Development Foundation, the initiative was created.

To aid in the advancement and expansion of the Stellar open-source network, a non-profit company called the Stellar Development Foundation was established in 2014.

The Stellar Development Foundation and UNHCR are working together to create the program, which is being tested in Vinnytsia, Lviv, and Kyiv. The program will eventually expand to other areas.

Early this year, the Ukrainian government made notable use of cryptocurrency. Shortly after Russia’s invasion began, it received about $100 million in Bitcoin donations. Later, it started a non-fungible token (NFT) collection to garner even more money.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News