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Blockchain technology is increasingly being employed by humanitarian organizations to address issues related to the lack of access to banking services or inadequate identity verification in developing countries. On December 15th, the Stellar Development Foundation announced a partnership with the United Nations High Commissioner for Refugees (UNHCR) to provide US dollar-backed tokens (USDC) as financial assistance.
USDC on Stellar Network for Ukrainian Refugees
The USDC tokens will be exchangeable at any MoneyGram location, making it easier for refugees to access assistance, even if they do not have bank accounts or face difficulties accessing the ones they have.
Tori Samples, Product Manager at Stellar, emphasized that the partnership with MoneyGram to facilitate the cashing and utilization of Circle's USDC digital dollar makes this solution “meaningful and accessible for people living in crisis.”
She stated, “This product was specifically designed to meet the needs of humanitarian organizations providing assistance in challenging conditions. It cannot be experimental or unfit for real-world use… The fact that some of the largest aid organizations are using Stellar Aid Assist in Ukraine today demonstrates that it has real value and potential for scalability.” This partnership aims to make a positive impact by offering accessible and efficient financial support to Ukrainian refugees during these challenging times.
Stellar's collaboration with the UNHCR and MoneyGram highlights the growing role of blockchain technology in humanitarian efforts, offering a secure and accessible way to provide financial assistance to those in need, particularly in crisis situations. The utilization of USDC on the Stellar network demonstrates the commitment to making aid distribution more efficient and inclusive for refugees who may not have access to traditional financial services.
