The Office of the UN High Commissioner for Refugees (UNHCR), a refugee organization based in the United Nations, is endeavouring to begin assisting the exiled Ukrainians via the stablecoin through digital wallets operating on the network of Stellar (XLM). As per a recent declaration, the UNHCR has released a project to utilize the blockchain of Stellar to transact USDC stablecoin to Ukrainians influenced by the Russian invasion of Ukraine.
UN Declares Assisting Displaced Ukrainians by USDC aid via Stellar Network
USDC stablecoin is developed by Coinbase and Circle. It is supported by the USD and – for a short term – the securities of the US Treasury. The people living in Ukraine can receive the funds as well as exchange them in return for dollars, euros, or the rest of the currencies with the utilization of the payment services platform Money Gram across the globe. Just in Ukraine, nearly 4,500 locations of the payment company are presently available to be accessed.
With the use of USDC token on Stellar, the displaced people would be assisted to get money rapidly while minimizing the hazards of loss or theft while they are moving somewhere. Karolina Lindholm Billing, the representative of UNHCR to Ukraine, stated that quickness is of great significance in humanitarian measures. The representative added that the collaboration between UNHCR and the technology space has a long history. According to her, this has played an important role in assisting them to bring innovation to faster delivery of assistance.
Vinnytsia, Lviv, and Kyiv Cities Back the Support Service
The authorities in Ukraine have notably utilized crypto assets formerly in 2022. They collected up to $100 million worth through crypto donations soon after the start of the Russian invasion. Later on, they introduced a collection of non-fungible tokens (NFTs) to gather more funds. The project begun by UNHCR is being initiated in partnership with the Stellar Development Foundation. Ukrainian cities including Vinnytsia, Lviv, and Kyiv are piloting this project. It is scheduled to be launched to the rest of the regions in the country in the coming time.
The people who require support will need to download Vibrant (an application of crypto wallet) to receive funds. In this way, they will get USDC straight into their accounts to then be exchanged. The Stellar Development Foundation is considered to be a non-profit platform established in 2014 to back the growth and development of the Stellar network.