Crypto: Un Receives Circle Grant To Upgrade Cross-border Refugee Aid

Circle said digital financial infrastructure, including stablecoins, can save 20% of the cost of delivering humanitarian aid.

Stablecoin issuer Circle has issued a grant to support the rollout of digital financial infrastructure across the United Nations, with the aim of making humanitarian aid payments more efficient.

Announced at the World Economic Forum conference in Davos, Switzerland, on Wednesday, the Circle Foundation said its first international grant would support the UN’s Digital Hub of Treasury Solutions (DHoTS) “efforts to streamline monetary value transfers across the UN ecosystem.”

The company, however, did not specify the size or form of the grant.

The grant builds on Circle’s first collaboration with UNHCR and DHoTS in 2022, which facilitated USDC (USDC) stablecoin payments for displaced Ukrainians. UN Development Programme administrator Alexander De Croo said that stablecoin payments would enable the UN to “make every dollar work harder” with “tight budgets.”

Circle said digital financial infrastructure, including stablecoins, can maximize the impact of every donor dollar, with $38 billion in annual humanitarian funds relying on legacy systems.

Barham Salih, the UN Refugee Agency high commissioner, said: “This is about using technology to uphold dignity and choice for people forced to flee, while maximizing impact for every dollar entrusted to us.”

Circle’s support of the UN comes just a month after it formed the Circle Foundation in December to advance philanthropic initiatives aimed at promoting financial resilience and inclusion.

The stablecoin market has become a $312.7 billion industry and is actively used for everyday payments, business transactions, and as a savings vehicle around the world.

Related: Coinbase says capital access beats income in wealth creation

Source: CoinTelegraph