The Stellar Development Foundation has entered into a partnership with the United Nations High Commissioner(UNHCR) to offer USD Coin on the Stellar network. It will be in the form of cash assistance to Ukrainian refugees.
Circle’s USDC tokens will be redeemable, for this project, at any MoneyGram location. The project creators want to make it easier for refugees to receive aid even if they don’t have bank accounts or cannot access the ones that they do have. The stellar network distributes them almost instantly to a digital wallet on a client’s smartphone. As such, individuals can remotely receive digital dollars, hold them as a store of value to hedge against inflation, and transport them more securely across borders as needed.
This project is a response to the conflict-driven humanitarian emergence in Ukraine by providing unrestricted multipurpose cash assistance to around 83,000 people affected by the ongoing war. This innovative solution, thanks to the Stellar blockchain, has the potential to enhance the speed, efficiency, and flexibility of traditional cash-based inventions. Moreover, it provides greater transparency for International Rescue Committee (IRC) and its donors through the traceability of funds.
Denelle Dixon, CEO and Executive Director of Stellar Development Foundation, said cash-based interventions for vulnerable populations are a lifeline, helping to access essential goods and giving recipients freedom, power, and dignity. SDF strives to create equitable access to the global financial system. It’s about using technology to reach people where they are and when they need it the most. Dixon shared that this is the reason SDF is proud to partner with IRC to pioneer the future of aid delivery on the Stellar network with Stellar Aid Assist.