Global payments company MoneyGram has announced a new 
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
UN to Use Stellar-MoneyGram’s Aid Assist Program to Send USDC to Displaced Ukrainians
Kitco | Jordan Finneseth | Dec 16, 2022
Global 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)
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