UN to Use Stellar-MoneyGram’s Aid Assist Program to Send USDC to Displaced Ukrainians

Kitco | Jordan Finneseth | Dec 16, 2022

Stellar partners with moneygram - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced UkrainiansGlobal payments company MoneyGram has announced a new partnership with the Stellar Development Foundation (SDF), the non-profit organization founded in 2014 to support the development and growth of the open-source Stellar (XLM) network, to launch Stellar Aid Assist.

  • According to the project's website, Stellar Aid Assist is designed to help aid organizations deliver instant and transparent digital aid at scale utilizing a first-of-its-kind blockchain solution.
    • The platform is said to “deliver relief funds quickly, affordably and efficiently to individuals in crisis,” such as people affected by the ongoing conflict in Ukraine.

See:  $40 billion payments giant now accepting USDC stablecoin

  • Stellar Development Foundation: 
    • The company responsible for issuing the USD Coin (USDC) stablecoin, and the Vibrant wallet application.
    • A new back-end bulk disbursement system called the Stellar Disbursement Platform (SDP) was specifically designed to serve this purpose. “With the SDP, humanitarian aid organizations can pay thousands of people as easily as one person, even for small amounts typically too expensive to be cost-efficient in the legacy system”
    • “By leveraging the unique strengths of the Stellar blockchain, Stellar Aid Assist enhances the speed, efficiency, and flexibility of traditional cash-based interventions, while providing greater transparency for organizations and their donors through the traceability of funds.”
  • Problems being solved:
    • Traditional methods of cash disbursement often require people to carry physical cash, which can put them at risk day-to-day and when crossing borders. They also often require the recipient to have access to a bank account to access the funds, which may not be possible in conflict or rural environments.
    • Not only does it serve as a stable store of value, but these individuals can also exchange those digital dollars for local currency at thousands of MoneyGram locations.

See:  Ukrainian President, Zelensky, Signs the ‘On Virtual Currency” Bill Legalizing Bitcoin

  • UNHCR (UN Refugee Agency) is turning to crypto to transfer USDC stablecoin (pegged to the U.S. dollar to eligible recipients' through the blockchain-based aid program (more)

Continue to the full article --> here


NCFA Jan 2018 resize - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced UkrainiansThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced UkrainiansFF Logo 400 v3 - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced Ukrainianscommunity social impact - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced Ukrainians

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - UN to Use Stellar-MoneyGram's Aid Assist Program to Send USDC to Displaced Ukrainians




 

Leave a Reply

Your email address will not be published. Required fields are marked *

eighteen − five =