The United Nations receives funding from Circle to promote the digital upgrade of cross-border refugee assistance

Odaily Planet Daily News: Stablecoin issuer Circle announces funding to the United Nations to support its deployment of digital financial infrastructure worldwide, aiming to improve the efficiency of humanitarian aid disbursements. The announcement was made during the World Economic Forum in Davos, Switzerland.

Circle Foundation stated that this is their first international grant, which will support the United Nations Center for Financial Digital Solutions (DHoTS) in advancing related work to streamline cross-border fund transfers within the UN system. This funding continues Circle's collaboration in 2022 with UNHCR and DHoTS, when they used USDC stablecoin to distribute aid to displaced persons in Ukraine.

UNDP Administrator Alexander De Croo said that, in the context of tight budgets, stablecoin payments help “maximize the utility of every dollar.” Circle pointed out that approximately $38 billion in humanitarian funds are still reliant on traditional financial systems annually, and digital financial infrastructure is expected to significantly improve the efficiency of fund utilization.

UNHCR High Commissioner Barham Salih also stated that the project aims to enhance the dignity and choices of forcibly displaced populations through technological means, while maximizing the tangible impact of donations.