An XRP competitor is powering humanitarian cash disbursements to the people of Ukraine in the midst of Russia’s military aggression.
The Stellar (XLM) Development Foundation (SDF) and the International Rescue Committee (IRC) have launched a pilot for blockchain-powered aid disbursement in the war-torn country, according to a new press release.
The IRC is a nonprofit that responds to humanitarian crises around the globe, and the SDF is a nonprofit that aims to support the development of the public Stellar blockchain network.
The new pilot will make use of a Stellar-based “novel end-to-end cash assistance system” called Stellar Aid Assist, according to the press release.
Stellar Aid Assist will distribute Circle’s stablecoin, USD Coin (USDC), to people in Ukraine using the Vibrant wallet app.
Stellar says the project has an advantage over cash, which can be dangerous to move across borders and difficult to store securely.
“It also allows clients in Ukraine to receive their cash assistance even if they do not have a bank account or credit or debit card, as they can store it on a digital wallet on their phones and convert the digital dollars to real currency almost anywhere in the world through MoneyGram’s 400K+ agent locations in 175 countries.”
The pilot is small-scale: the IRC and SDF have thus far distributed USDC to 33 people and aim to reach only 100 in total across southeastern Ukraine. Stellar argues the program “has the potential to lay the groundwork for future financial innovation for cash assistance and donation programs.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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