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In a groundbreaking partnership, Stellar, MoneyGram, and the UN Refugee Agency (UNHCR) are spearheading a digital revolution in humanitarian assistance. By harnessing the power of USDC digital dollars, these organizations are bringing real-time financial aid directly to the mobile wallets of refugees, ensuring their financial safety and security. This collaboration marks a significant breakthrough in transparent, corruption-resistant, and verifiable fund transfers.
Advantages of Stellar-Based Payment Systems
Stellar Development Foundation and its partners have always embraced a regulatory-driven approach founded on trust, transparency, accountability, and financial integrity. USDC has been in circulation for five years, facilitating cumulative transactions exceeding $10 trillion.
USDC is securely stored in digital wallets and smart contracts, making it a robust dollar-pegged savings instrument. Built on open blockchain technology, USDC Circle advances responsible innovations thanks to its programmable, composable, reliable, and open nature.
USDC for Humanitarian Efforts
In collaboration with Stellar Development Foundation and MoneyGram, UNHCR now delivers USDC as digital dollar aid to support refugees. This partnership enables UNHCR to send universally portable digital dollars directly to refugees' mobile wallets.
USDC is used for digital humanitarian aid in near-real-time, enhancing the personal security of vulnerable communities. Importantly, this partnership also allows Ukrainian refugees to redeem their USDC at any MoneyGram location, enabling them to convert the stablecoin at the dollar exchange rate into local currency or use USDC as a savings or exchange medium in their own currency. USDC is designed at a technological level to expand the reach of the formal economy and the utility of internet dollars, even in conflict zones.
USDC's Role in Financial Services
Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle, testified before the Subcommittee on Digital Assets, Financial Technology, and Inclusion of the House Financial Services Committee about the role of stablecoins in payments and the need for legislation. As Circle's USDC has facilitated over $10 trillion in cumulative transactions on the public internet, it promises to be a breakthrough in how people send, spend, save, and secure their money in digital form on any internet-connected device.
Stellar and MoneyGram Expanding Financial Aid
Stellar and MoneyGram are also enabling USDC to serve as digital dollar aid to support Ukrainian refugees. This near-real-time digital aid project represents a breakthrough and a new humanitarian strategy for moving funds in a transparent, corruption-resistant, and verifiable manner.
